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Short

GBP/JPY appears weak after weak UK retail sales, eyes 191.76

FX_IDC:GBPJPY   POUND STERLING / YEN
38 0 1
The bounce back from the hourly 200-MA at earlier this week, followed by the failure to take out 193.90-194.00 and 4-hour closing below 193.30 (76.4% Fib R of 195.87-184.98) indicates the upside momentum is exhausted and the pair is likely to target 192.38 (200-MA on 4-hour) followed by 191.76 (61.8% Fib R of 195.87-184.98). The RSI indicator on the hourly and 4-hour time frame has turned bearish as well.

On the 4-hour chart, we also see the pair moving in a channel. Consequently, the lower end may act as a support, although break below 192.38 could be enough to enure the pair slides to 191.76.

On the higher side, only a daily close above194.00 could open doors for a target of 195.20-196.00
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