Above the 200 day MA and 50% retracement level

The GBPJPY has moved above the 200 day MA and 50% retracement as traders rush into the JPY pair. That was bullish technically (at 147.866-947). The price has moved up to the break area from the end of February in the 148.530-649 area. That area was a floor at the end of February (see red circles in the chart below). It is now a ceiling. Can that level hold?

There may be some cause for pause at the technical area, but the break of the 200 day MA and 50% is bullish. So be careful (define and limit risk).

The major US stock indices are trading up about 1% now and near the highs for the day.