GBP/JPY has been bullish since finding a price bottom last week at about 136.50. The 1H chart shows the bullish push from 136.50 to about 142.15.GBP/JPY 1H Chart 1/24(click to enlarge)Consolidation:- As we can see as price tagged 142, GBP/JPY started to consolidate.- The consolidation started to anchor lower, but price found support at 140.75.- Furthermore, the RSI is still holding above 40, which shows GBP/JPY hanging onto the bullish momentum from last week.Downside Risk:- There could still be further downside risk, but at the moment, I would not project GBP/JPY below 140. - On the other hand, if price does falls under 140, I would shelf the bullish outlook, and anticipate a slide at least back to the lows in mid-December, or at least test the 138.00 pivot. Upside Risk:- To me, GBP/JPY is making a bullish reversal against a monthly long bearish correction.- This means, ultimately, I think price can push back towards the high from December, around 148.- However, in the short-term, I would anticipate resistance even just above the current resistance at 142.15. But, I can see price extending towards the 143.50 pivot. This second target would satisfy a bullish breakout projection from a range. (Take the width of the range and project it to the side of the breakout). - Above that 145 serves as another support/resistance pivot area. GBP/JPY 4H Chart(click to enlarge)