Bullish continuation: GBP/JPY has remained bullish after a few months of consolidation. It held above the 200-day SMA and is now pushing above the 156.78 April high, making a new high on the year. It might be a bit overbought in the near-term, but this rally opens up further upside risk. 4-year high: The GBP/JPY is the highest its been since August 2009. 2009-high: The weekly chart shows that the next key resistance for GBP/JPY is now at 163.08, the 2009-high. In the short-term, we might consider buying dips until near 163. At this point, a break below 154 will be needed to neutralize the bullish outlook... (full story)