The GBP/JPY gained slightly on board-based Pound sterling buying. It hit a low of 192.82 and is currently trading around 193.146. Intraday trend is bearish as long as resistance 195 holds.
The fourth consecutive month of growth in UK retail sales was recorded in April 2025, with a 1.2% increase from the previous month. Despite a slight decline in non-food store sales, food store business increased by 3.9% due to unusually warm weather. Overall, sales volumes rose by 5.0% year-on-year, exceeding pre-pandemic levels and indicating that consumer spending remains resilient against inflation and global uncertainties, which were further supported by rising consumer confidence fueled by various factors such as the rollback of some US tariffs and an interest rate cut by the Bank of England.
The GBP/JPY pair is trading below 55 and above 200 EMA (Short-term) and 365 EMA (long term on the 1-hour chart, confirming a mixed trend. Any violation below 192.85 indicates the intraday trend is weak. A dip to 192/191.70/191 /190 is possible. Immediate resistance is at 192.85, a breach above this level targets of 193.20/193.60/194/194.70/195/196.50. Any breach below 192.85 confirms the intraday bearish trend. A dip to 192.35/191.70.
Market Indicators (1- hour)
CCI (50)- Bullish
Directional movement index – Neutral
Trading Strategy: Sell on rallies
It Is good to buy on dips around 192.48-50 with SL around 191.80 for a TP of 194..
