GBP/JPY Surges Despite Weaker Retail Sales – Quick Trade Setup

GBP/JPY's bullish trend doesn't seem to stop. The Japanese cross seems to form "Three White Soldiers" as GBP/JPY has formed two bullish...

Arslan Butt•Thursday, June 20, 2019•1 min read

The Office for National Statistics released a the British Retail Sales data just before the release of BOE policy decision. In the three months to May 2019, the volume purchased in retail sales grew by 1.6% when versus the previous three months. However, the negative results came from the department stores where the quantity bought fell by 0.9%, continuing the losing streak for the third consecutive month. Overall, the UK retail sales disappointed the market with a 0.5% dip, which is higher than 0.1% dip previously.

Despite weaker economic data, GBP/JPY’s bullish trend doesn’t seem to stop. The Japanese cross seems to form “Three White Soldiers” as GBP/JPY has formed two bullish candles already, and the third one is expected now. The pair may face immediate support at 136.900 along with a resistance level of around 137.350 and 137.650.

Support Resistance
135.95 137.19
135.25 137.72
134.02 138.96
Key Trading Level: 136.49

GBP/JPY – Trade Signal
Team FX Leaders has already opened a forex trading signal to buy above 137 with a stop loss below 136.62 and bullish target of around 137.32.

Good luck!

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.