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GBP/JPY - Kilroy is Here

The GBP/JPY fell to 180 earlier in September, after a sharp slide since mid-August. Now, the prevailing downtrend appears to be broken as price climbs above the 100-, and 50-period simple moving averages and the RSI has broken above 60. The upside is still premature and a break above the 200-period SMA with the RSI tagging 70 would be the next signs of further bullish correction or even a bullish reversal. 

Also, note that there is an inverted Head and Shoulder aka kilroy. The neckline appears to be around 187.50 and price has just cracked that.

GBP/JPY 4H Chart 9/17

(Click to enlarge)

I think there is upside risk towards 191.00, especially if there is a pullback and price holds above 186. If price slides under 184, then, the price bottom is no more, and the 180 low would come back into play.