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GBPJPY At Critical Technical Point

A look at daily chart below reveals that the GBPJPY is at critical point. Since the bearish run from 215.87 on July 2008 and hit the bottom at 118.78 on January 2009, the pair has made a significant bullish correction. This week bullish momentum is not as strong as last week, but technically has more significant impact because the pair made a breakout from the major trendline resistance on Thursday. However yesterday the price retreated lower and back below the trendline. Next week could be a very important week. If the price able to stay above the trendline we should have bullish outlook at least towards 162.57 area. If not, it means that it is a false breakout and we should have a bearish mode re-test 146.73. Have a great weekend and see you guys next week