GBP/JPY has been consolidating since December 2016 after a strong bullish push from lows around 124.78 in October to highs around 148.45 in December. Now the pair is at the crossroad, but we might soon see some bullish or bearish signals from a breakout.GBP/JPY Daily Chart (click to enlarge) Crossroad:- The daily chart shows that price has been in a slight correction since that end of year bull run stopped. - The bearish correction has turned into more of a sideways consolidation in 2017. Bullish Markers:- Note that price has broken above the 200- and 100-day simple moving averages (SMAs) in December. It has been testing these two SMAs throughout 2017, and is now trading above both of them. The crossover and then treatment of SMAs as support is a bullish slingshot signal.- In the daily chart above, the dominant trend still looks bullish. It was a more persistent sharp rally, followed by a choppier decline. The sharpness suggests conviction, the choppiness suggests a period of either uncertainty or fair price (consolidation). - Price action since October still provides a bullish bias.Bearish Markets:- However, price action since December is still bearish.- Price is still holding under a falling trendline.- The RSI tagged 30 and is holding under 60, the signature of a market with bearish momentum.Outlook:A break above 140.70 would improve the bullish bias.A break below 138.50 again would suggest further downside in the short-term (with the 136.50-137 lows from January in sight). But it would not eliminate our general bullish bias for the upcoming weeks or couple of months.