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GBP/JPY - I Think There Will be a Bullish Breakout

The GBP/JPY made a new high on the year last week at 194.58. and has been retreating in a choppy manner. It started this week with another bearish attempt that cracked 193, but this level appears to be providing steady support. 

GBP/JPY 1H Chart 8/4
(click to enlarge)

The reasons I believe there will be a bullish breakout are as follows:
1) The technical picture in the 1H chart is still bullish within the consolidation structure. Price is holding above the 200-hour SMA and is now above the 100-, and 50-hour SMAs as well. The RSI has held above 40 after tagging above 70, reflecting maintenance of bullish momentum.
2) The BoE is starting to be more hawkish, and the JPY has remained dovish with no signs of slowing its pace of stimulus.

At this point a break above 194.00 would likely signal a bullish continuation. Then, the 193.40-193.50 area should provide support upon a pullback. This week, we have at least the 195.00 handle in sight, with upside risk to the psychological level of 200 in the short to medium-term.