GBP/JPY and the NFP report

This might have already been discussed, if so I apologize.

In general, what is the effect of the NFP report, or any other large USD news item, on this pair?

I'm making the following (very broad) assumptions:
If NFP comes out positive, this helps the Dollar. This should mean....

1. GBP/USD decreases in value, as the dollar strengthens
2. USD/JPY increases in value, as the dollar strengthens

Now, since GBP/JPY is essentially a combination of these two pairs, would the net effect be that they cancel each other out? Again, keeping this very general, and I'm not taking the carry trade into account for the purposes of this question. Can we essentially disregard US news items when trading GBP/JPY?

Thoughts?

Well, if no one responds, I'll just watch the report tomorrow and then post my findings! hehe

But suggest you bung the question in here http://www.forexfactory.com/forumdisplay.php?f=73

If NFP is strong say 150K then look for equities to rise as well as gbp/jpy.
Positive cash flow, traders look for higher risk elements- Higher interest, Swap = Carry trades.

Pigeon, take a look at what happened during the last NFP on Sept. 7th.

Well that was good advice! I checked the news forum and found this post, which is exactly what I was looking for...

Consistent Market-Moving News for the GBP/JPY

I'm not looking to trade this during news, I had a position on already and wanted to know if NFP would affect it. Thanks for the idea Peter!

man. this NFP i had a very very tall down spike for GBP/JPY.