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GBP/JPY in a Bullish Continuation

After making a fresh high at 175.36 in July, GBP/JPY retreated but then found support at 170.42 in August. After this decline, there was still bullish bias as price held above the 200-day simple moving average. As we begin September, price is pushing above the 100-, and 50-day SMAs as well as the falling trendline from the high on the year. The breakout exposes the 175.36 high on the year and revives the bullish outlook with risk of an even higher high.

GBP/JPY 9/1 Daily Chart

At this point, a break back below 172.00 would be needed to shelve this bullish outlook and put GBP/JPY back into consolidation mode. 

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