The GBP/JPY broke below a cluster of key support when price dipped below 164 and tagged 160. We saw a session of recovery so far, but with such a critical support broken, I suspect the 160 handle will be tested again, with risk of breaking even lower. GBP/JPY Weekly Chart (click to enlarge) The weekly chart shows the breakdown of key support. Technically, we might think of short-term bullish pressure due to: 1) 200-week simple moving average (SMA), 2) The RSI is showing oversold condition. 3) 160 is a psychological support. 4) GBP/JPY appears to be in its 5th wave. I think the chances that price will find support is indeed getting stronger, but we should still respect the prevailing momentum, especially in the short-term. GBP/JPY 1H Chart 2/12 (click to enlarge) When we look at the intra-session, 1H chart, we see a GBP/JPY that is in a persistent downtrend. There has been a pullback from 160 back towards 164. Maybe we should consider shorting here. 1) 164 was a previous support, and could now turn into resistance.2 )Price has respected the 50-hour to 100-hour SMA band as resistance and is testing that band again.3) The RSI reflects persistent bearish momentum in the 1H chart, as it continues to turn back lower at 60. Well, the RSI is near 60 again. Basically, the prevailing swing still looks strong. Fading rallies has worked in February so far, maybe it will continue to work at least 1 more time. The factors seen in the weekly chart suggests caution in the bearish projection. Perhaps, we should limit it to 160, or even consider 160.50-161 in case the swing undershoots the psychological level.