GBP/JPY Faces Key Resistance at 192: Breakout or Pullback?

GBP/JPY showed a minor pullback as the yen weakened. It hit an intraday high of 191.15   and is currently trading around 191.13.  Intraday trend is bullish as long as support 190 holds.

In April 2025, the S&P Global UK Services PMI posted a fall in the UK services sector to 49.0 from 52.5 in March, the first fall in business activity since October 2023. It was caused by less firm new business, with a sharp drop in export orders, and resulted in quicker job cuts for the seventh consecutive month. Input prices rose at their fastest pace since July 2023 due to high payroll taxes and minimum wage increases, which contributed to pushing output price inflation higher. Consequently, business sentiment for the coming year is lower sharply and at its most pessimistic since October 2022.

The GBP/JPY pair is trading below  34 and above 55 EMA (Short-term) and 200 EMA (long term on the 4-hour chart, confirming a mixed trend.  Immediate resistance is at 192, a breach above this level targets of 192.65/193/ 194/195. Downside support is at 190.95/190.40/190/189.30/188.

Market Indicators

CCI (50)- Bearish

Directional movement index - Neutral

Trading Strategy: Buy on dips

 It Is good to buy on dips around 190 with SL around 189.30 for a TP of 195.