The Japanese yen has been resilient since June. It has benefited from safe-haven flow as the Chinese stock markets reel. The GBP/JPY stalled at 198.83 in mid-June and has been retreating. In the past few sessions, the pace of decline has accelerated.GBP/JPY Daily Chart 7/7(click to enlarge)The daily chart shows that today's price action has broken below 190 and the 50-day simple moving average. The RSI is breaking below 40, a sign that the prevailing bullish momentum is dead. It is clear that the pair is in a bearish correction. Looking at the daily chart, we should look at the 185 level as the very short-term target this week. Here, price is going to test a previous resistance pivot area as well as the 100-day simple moving average.Also, the RSI is likely to hit 30 and show slight oversold condition. A more aggressive bearish outlook could be the 182.50 area, where the 200-day SMA resides. Look for a bullish divergence between price and the RSI as a sign of a rebound. Now, even if price finds support, it does not mean GBP/JPY is back to the bullish trend. Most likely, we will get into a period of consolidation.