GBP/JPY has been bearish this past couple of weeks after 2 weeks of bullish pullback. When we look at the weekly chart, we can see that the previous rally was rejected at a previous support turned resistance. This dynamic suggests that bears are firmly in control. Now, as price once again approaches the previous support pivot just under 164, we have to anticipate a possible break.GBP/JPY Weekly Chart(click to enlarge)Note that there is a support cluster at and around 164, which was a support pivot from early 2014. We can also see a rising trendline here and the 200-week simple moving average around 162.60. I think a clean break below 164 would be enough to signal further downside risk towards at least 160, a psychological level and a previous resistance pivot in late 2013. Be NimblerI don't think we should be looking for another long-term trends in 2016. For example, GBP/JPY is bearish, but we should limit it to the medium-term, towards 155, which is still substantial. The upside is also capped by the fact that there is a prevailing downtrend that is very sharp and looks like a motive wave. Still, there is upside back to 170. There are some trends to ride in the short-term, but with the JPY-pairs, which are correlated to risk appetite, especially in Asia (think China), we should be agile in getting in and out of trades, more so than we needed to in the past 3 years: 2012-2015.