GBP/JPY has been falling this week after making a multi-month high near 188.80. The 4H chart shows that the pair was in a rising channel since October, and that this week's price action broke below the channel support.GBP/JPY 4H Chart 11/25(click to enlarge)More Technical Signs:Also, price is now below the cluster of 200-, 100-, and 50-period simple moving averages. Furthermore, the 4H RSI dipped below 30 and even tagged 20, showing strong bearish momentum in the short-term. These technical signs should dissuade bulls from extending the rally since October, but a short-term pullback is very probable especially when the RSI showed oversold conditions. Resistance; Downside Risk: In fact as we enter the 11/25 US session, we are seeing a push back above 185. Now, we can expect a short-term pullback, but a possible longer consolidation ahead, but I would respect this latest downswing and limit the bullish outlook to 187.00. Even around 186, we are going to start seeing resistance factors, especially if the 4H RSI comes up to 60 and stalls. If the market is indeed turning bearish for the medium-term, a short-term rally could provide a chance for bears to fade. The downside risk will be the lows around 181 or at least 182.