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GBP/JPY - Waiting to Trade a Breakout from a 2-Week Range

GBP/JPY has been trading sideways in the previous couple of weeks and a half as shown on the 4H chart. 

(GBP/JPY 4H chart: click for full view)

You can see that the resistance corresponds to a projected resistance going back to the Dec. high around 174.85. 

A break above the 2-week range would therefore suggest upside risk toward 173.60 and 174.80.

The 4H chart shows a slight bullish momentum bias as it shows the RSI holding mostly above 40 after tagging 70. 

The bullish breakout would show continuation of not only the rally since February, but can also indicate continuation of the bullish trend seen in the daily chart.

A break below 169 however would suggest continuation of the 2014 consolidation, opening up downside risk toward 166, 163.80.

(GBP/JPY daily chart: click for full view)