• GBP/JPY hovers around 191.00, reflecting market caution ahead of Japanese unemployment and industrial production updates.
• Wall Street ends Q1 on a mixed note, with UK's recession confirmation and vigilance over JPY's weakness influencing sentiment.
• Technical analysis suggests potential for movement if GBP/JPY breaches key levels, with 192.00 and 193.00 as notable targets.

The GBP/JPY barely moved on Thursday amid thin liquidity conditions and is hovering around 191.00, virtually unchanged as Friday’s Asian session begins.

Wall Street posted a stellar first quarter of 2024, with the S&P 500 and the Dow Jones finishing in the green. The outlier was the Nasdaq Composite, which dropped 0.12% in the last trading day of Q1.

In addition, economic data from the UK showed that Britain’s economy hit a technical recession, as expected by the market consensus. In Japan, authorities remain vigilant about the Japanese Yen's (JPY) weakness, which sent the USD/JPY rallying near 152.00.

As the Asian session begins, the Japanese economic docket will reveal the unemployment rate for February, which is expected to remain at 2.4%. At the same time, Industrial Production figures for the same month are expected to rise from -6.7% MoM to 1.