We saw GBP/JPY test the recent 2-week range resistance yesterday. After some initial reaction, the market eventually pushed the pair above the range, signaling a bullish outlook for the near-term. (GBP/JPY 4H Chart)The next key resistance could be in the 171.45-171.65 area, or around 171.55.The 4H chart shows a sideways market as price oscillates above and below the 200-4H SMA. However, we do see the bullish bias in the daily chart. (GBP/JPY daily chart)Because the prevailing trending the daily chart is intact the current breakout rally could be a sign of bullish outlook for the medium term, for a few weeks or couple of months. If a subsequent pullback respects the broken consolidation area as a bottom, this bullish outlook strengthens.