GBP/JPY continues march upwards in Tokyo, batting at 156.50 on NFP Friday

• GBP/JPY knocking on the door of 20-month highs, buying pressure still strong.
• UK PMI, US NFP to bring some volatility to the mix.

GBP/JPY continues its bullish push, testing yesterday's high in Tokyo trading, and is currently trading just shy of 156.40.

The Yen has been strong lately, but the Sterling has been stronger, closing higher against the yen eight out of the last ten weeks, and barring any catastrophes, this week is shaping up no different. The market's faith in the GBP is beginning to appear unshakeable in the face of continued Brexit leaks, notably talks within the UK to negotiate trade customs with the EU, circumventing much of the UK's sought-after sovereign powers when it comes to open trade with Europe, and the overhanging threat of sanctions from Brussels to preemptively prevent Britain from undercutting European businesses in trade post-Brexit.

The UK has Construction PMI data at 09:30 GMT, and markets can expect some action when the US releases Non-Farm Payrolls at 13:30.

GBP/JPY Technical Levels:

Yesterday's high of 156.44 continues to get tested through Asia, and the recent swing resistance line around 156.25 could turn into support if price is able to convincingly break higher through London. Barring any disasters, the nearest support on H4 charts is yesterday's close, already in the rearview mirror at 154.86, and the previous swing low support far, far below at 152.53.

Today's pivot points:
R2: 157.34
R1: 156.66
PP: 155.76
S1: 155.08
S2: 154.18