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GBP/JPY - Can Traders Confirm the Bullish Breakout?

The GBP/JPY has fell from 173.46 in the beginning of May, to about 169.54 towards the end of May. This decline was seen in a falling channel. So far in June, price has broken above the falling channel resistance, exposing the 173.46 high, as well the 2014-high at 174.83.


(gbpjpy 4h chart 6/12)

After the bullish breakout, the market found resistance for GBP/JPY at 172.50. It has so far pulled back to 171 and found support. The ability to hold at 171 and push above 172 is giving an additional confirmation that the breakout is still in play, and the bullish outlook has the 173.46 and 174.83 highs in sight.

At this point, a break back below 171 might put the focus back on the 169.54 low, and keep the market away from the bullish continuation mode, but rather the consolidation/correction mode.