GBPJPY looks ready to move up but...

This pound yen ended with a third consecutive green candle as higher lows are being formed. It looks like the pair is ready for a long sustained move to the upside. However, in the short term, we may see a retest to the 148 level before the move can happen

BULL CASE
We can see the pair move farther to the upside after a short retrace to the 152.3 level.

BEAR CASE
There are still longs placed near the 148 levels that may be liquidated if price reaches those levels. A short-lived price manipulation to those levels may have to happen before the corrective cycle is completed.