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GBP/JPY Testing Trendline Support

The GBP/JPY fell this week and is now testing a rising trendline support that comes up from the 147.60 low from August 2013. 

(gbpjpy 4h chat, 4/11)

The daily chart still remains bullish, but we do know there has been a 4 month long consolidation since the market retreated from the 174.83 high in Jan. 2014. 

Bullish outlook:
A push above 171.62, this week's high, should reflect bullish continuation towards the 173.50 area, then the 2014 high near 174.80.

Consolidation mode:
However if the market fails to push above 171.60, and falls below 167.75, the GBP/JPY will still be in consolidation mode, though the prevailing bias will remain bullish. 

Bearish outlook:
Only a break below the 163.85 low should bring up a bearish outlook, because it would be the first time since Oct. 2012, that the GBP/JPY will be below the 200-day SMA.