GBP/JPY hits fresh one-month highs, around mid-146.00s ahead of UK jobs data

The GBP/JPY cross held on to its modest gains and is currently placed at fresh one-month tops, around mid-146.00s. 

With the British Pound holding on to the UK CPI-led strong gains, N. Korea's latest threat to accelerate its plans to acquire a nuclear weapon seems to be only factor supporting the Japanese Yen's safe-haven appeal and keeping a lid on any strong up-move. 

With the cross still digesting its strong upsurge of around 450-pips since the beginning of this week, traders now look forward to the release of UK monthly employment details. 

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Against the backdrop of re-acceleration in headline CPI, a robust wage growth would further fuel expectations for a possible hawkish BoE tilt and should pave way for extension of the pair's near-term upward trajectory. 

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Apart from the UK jobs report, broader market risk sentiment would also play a key role in determining the pair's movement ahead of the very important BOE monetary policy meeting on Thursday.

Technical levels to watch

Bulls would be eyeing for a sustained move beyond 146.70-80 area, above which the cross is likely to surpass the 147.00 handle and head towards testing its next major hurdle near 147.60 level. 

On the flip side, any profit taking slide below 146.40-30 area now seems to find support near the 146.00 handle, which if broken might trigger a corrective slide towards the key 145.00 psychological mark.