FXStreet (Mumbai) - The GBP/JPY pair extended the recovery from the multi-year lows to trade around 165.00 handle after a slightly upbeat UK labor data. Bearish mood intact The bearish mood surrounding the British Pound remains intact despite of a drop in the unemployment rate and a better-than-expected claimant count change. The average hourly earnings also slowed; however, the slowdown was not as sharp as expected. Meanwhile, the bid tone around JPY also remains intact due to the risk aversion in the European equity markets. GBP/JPY Technical Levels The immediate resistance is seen at 165.12 (hourly 5-MA), above which the cross could target 167.04 (hourly 50-MA). A break below 163.88 (Feb 2014 low) would open doors for a drop to 159.51 (monthly 50-MA). For more information, read our latest forex news.