The GBP/JPY pair exhibited minimal movement on Thursday, hovering near 191.00 during low liquidity conditions as Friday’s Asian session commences.

Despite a positive first quarter for the S&P 500 and the Dow Jones, Wall Street showed some divergence, with the Nasdaq Composite closing slightly lower on the last day of Q1.

The UK economy officially entered a technical recession, in line with market expectations. Meanwhile, Japanese authorities remain watchful of the Yen’s continued weakness, which has recently pushed the USD/JPY pair close to 152.00.

As the Asian session unfolds, Japan’s economic calendar will bring key data releases. The unemployment rate for February is expected to hold steady at 2.4%, Industrial Production figures for the month are projected to rebound from -6.7% MoM to 1.4%, and an expansion of 3% is anticipated for Retail Sales.

The GBP/JPY pair lacks momentum due to decreased liquidity. A bullish breakout above the Tenkan-Sen level at 191.57 could open the path toward the 192.00 mark, with the year-to-date (YTD) high of 193.53 as the next potential target.

Alternatively, a drop below 191.00 could trigger a decline towards the Kijun-Sen support at 190.74, followed by the 190.00 level.