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GBP/JPY in Bullish Continuation even Before the strong UK Jobs Data

There was strong UK jobs data overnight, and trader's propped up the GBP/JPY. But as you can see in the 1H chart, GBP/JPY was already rallying ahead of the data. Earlier in the week, GBP showed resilience after brushing off a drop in annual CPI growth from 1.7% in February to 1.6% in March.

(gbpjpy 1h chart, 4/16)

GBP/JPY bounced off 169.45 and was breaking above a falling wedge during the 4/16 Asian session, showing signs of bullish continuation even before the strong UK jobs data.

Bullish outlook:

The short-term bullish target is 173.13, the April high. 

There is a prevailing trend form January of 2012 that is intact. Therefore, there is further upside risk toward the March high at 173.58, and the 2014-high from January at 174.83. The prospect of a break into new highs on the year is also in the scope because of the prevailing bullish momentum.

Support:

If there is a bearish correction, the 170.90-171 area, which was a previous resistance pivot  could provide support. If not, also look for support around 170.65, which was another support/resistance pivot seen during April's price action.