The bid tone around GBP weakened, pushing the GBP/JPY pair below its hourly 100-MA at 157.65, however, losses are being capped by positive action in Asian equities. Yen demand capped as equities rise The major European equity markets are trading with moderate gains. Consequently, the demand for safe haven Yen is not seen. Hence, the cross is largely at the mercy of the action in the GBP/USD pair. Cable failed to sustain above 1.40 levels, hence the cross fell from a high of 158.18 to trade around 157.45 levels. The GBP/USD gyrations could continue to affect the GBP/JPY cross during the day ahead. Meanwhile, equity market action could influence demand for Yen. GBP/JPY Technical Levels The immediate resistance is seen at 157.65 (hourly 100-MA), above which the cross could target 159.81 (Feb 11 low).On the other hand, a break below 156.96 (Feb 23 low) would open doors for a slide to 156.00 levels. For more information, read our latest forex news.