GBPJPY jumps above 190.50

The GBP/JPY pair climbs to around 190.70 during the early European trading hours on Friday. The British Pound (GBP) gains strength against the Japanese Yen (JPY) following the release of the UK's January Retail Sales data.

The Office for National Statistics reported on Friday that UK Retail Sales rose by 1.7% month-on-month in January, compared to a decline of 0.3% in December. This figure exceeded the market's expectation of a 0.3% increase. On a yearly basis, Retail Sales grew by 1.0% in January, compared to a previously revised increase of 2.8% (originally 3.6%), surpassing the forecast of 0.6%. The GBP remains strong in immediate response to the positive UK Retail Sales figures.