The GBPJPY cross was up nearly 1% today, boosted by the weakening Japanese Yen. At the time of writing, the cross was jumping above the 154 level, trading at four-month highs.
It looks like the medium-term consolidation has ended as the price has finally managed to decisively jump above the bearish trend line, which had been limiting the GBP for months. Additionally, the strong resistance of previous highs at 153.30 has also been cleared out, confirming the bullish momentum.
As long as the GBPJPY cross remains above 153.30, the short and medium-term outlooks seem bullish. Therefore, dips to this area are expected to be bought.
The key level of this breakout is at the mentioned bearish trend line, currently near 151.50, and if the price drops back below it, the bearish pressure could resume.
On the way higher, the next target for bulls will most likely be in the 155.50 zone, where the current cycle highs are seen. Should the Pound advance above 156, the long-term uptrend would be confirmed.