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    GBP/JPY surge pass 151.00 level after UK jobs report

    Recovery trend for the GBP/JPY cross gained further traction after the release of better-than-expected UK labor market reports.According to the data released just a while ago, UK Claimant Count for the month of May decreased by 0.6k against expected 0.1k while the unemployment rate surprisingly dropped to 5.0% as compared to 5.1% recorded in the previous month. The most encouraging data point was a growth of 2.0% in Average Earnings, which was well above consensus estimates pointing to a growth of 1.7%.With a slight improvement in the risk sentiment, the GBP/JPY cross had been witnessing a recovery from the lowest level since August 2013. Adding to it, strong earnings growth boosted the cross to currently trade above 151.00 handle. Going forward, investors will now take near-term directional cues from BoJ and BoE monetary policy decision announcements on Thursday. In the meantime, FOMC decision will continue driving sentiment across equity markets that would assist to derive demand for safe-haven currency, Yen.Technical levels to watchOn the upside, immediate resistance is pegged near 151.50-70 region, above which the cross is likely to extend the recovery momentum initially towards 153.00 handle before aiming towards testing a support turned strong resistance near 153.50-60 zone.On the flip side, 150.00 psychological mark now become immediate support to watch for. Weakness below 150.00 support now seems to attract a fresh bout of selling, dragging the pair towards 149.00 round figure mark before extending its downward trajectory towards its next major support around 147.50 region.


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