GBP/JPY has been bearish since December 2014 after making a high on the year at 189.70. Since than, the market has been in a bearish mode, and is now testing the 200-day SMA.GBP/JPY Daily Chart 1/19(click to enlarge) The daily chart shows the GBP/JPY testing the 200-day SMA around 176.00 and so far respecting it as support. However, there are no real signs that GBP/JPY is slowing down its bearish attack. If 176.00 does not hold, GBP/JPY would expose the 174.00 pivot area, the 170 psychological handle, and most aggressively back to the 2014-low at 168. However, if price breaks above 179.60, the 4H chart shows the next resistance around 181. We should also monitor the 182 area for resistance. GBP/JPY 4H Chart 1/19(click to enlarge) Now, with the prevailing downtrend, the bearish continuation scenario is more likely. In this scenario, price should hold below 179.50, and maybe even the 179.00 pivot, which was a previous support as well, and where the 50-period SMA in the 4H chart resides at the moment. Then a break back below 177.00 might start the bearish continuation attempt.