FxWirePro- GBPJPY Daily Outlook

GBPJPY hits multi-week high on strong Pound sterling. It hit a high of 192.30 at the time of writing and is currently trading around 192.15 Intraday trend is bullish as long as support 190 holds.

UK retail sales rose by 1% m/m from the previous month 0.70% compared to a forecast of 0.30%. The annual retail sales jump 2.5% in Aug vs. Forecast of  1.4% y/y. Prior 1.4%.

Technicals-

The pair is trading above the short-term 34, below 55 EMA (190.02 and 191.71), and long-term 200 EMA (191.51) in the daily chart.

The near-term resistance is around 192.50,a breach above the target of 193.50. Major trend continuation only above 193.50. Any violation above will take the pair to 195. The immediate support is at 1, any violation below will drag the pair to 188/187.40/186.70/185.80/185.

Indicator (4-hour chart)

CCI (14)- Bullish

CCI (50)- Bullish

Average directional movement Index - Bullish. All indicators confirm a bullish trend.

It is good to buy on dips around 188.50 with SL 187.45 for a TP of 190/191.25.