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GBP/JPY showed a minor pullback despite weak UK jobs data.It hits an intraday high of 195.55 and is currently trading around 195.50. Intraday trend is bullish as long as support 193 holds.
In April 2025, the UK labor market started slowing down, as the claimant count increased by 5,200 after the previous month reversed the drop to reach 1.726 million. The jobless rate rose to 4.5%, and the paid workforce declined by 33,000. Vacancies decreased by 42,000 as well. In general, the numbers indicate rising pressure, as there were fewer job offers and more people claiming unemployment benefits
The GBP/JPY pair is trading above 34 and 55 EMA (Short-term) and 200 EMA (long-term on the 4-hour chart, confirming a bullish trend. Immediate resistance is at 196,a breach above this level targets of 197.36/198/199. Downside support is at 194.80/194.20/193.64/193/192.35.
Market Indicators
CCI (50)- Bullish
Directional movement index - Bullish
Trading Strategy: Buy on dips
It Is good to buy on dips around 195.38-40 with SL around 194.70 for a TP of 197.35/198.
