Buy GBPJPY above 196

GBPJPY surged after upbeat UK retail sales.

Currently, the pair is positioned above the short-term 34 EMA, as well as the 55 EMA (194.76 and 194.44) and the long-term 365 Hull MA (194.11) on the 4-hour chart.
Near-term resistance is located at around 196, and a breakthrough here could signal bullish intraday sentiment. It could indicate a renewed uptrend from a low of 180.00. Further targets could include 197.37 (161.8% Fibonacci level), 198, and even 200. On the downside, immediate support lies at 194.70, and a dip below this level could push the pair down towards 194, 193.50, 192.88, or 192.50.

It is good to buy above 196 with SL around 195 for TP of 198