The technical picture looks less dire for GBP/JPY in the near-term with the price remaining in an uptrend first established in late September. However, having been unable to clear resistance overhead at 199.50 over recent weeks, downside risks may be building. It’s yet to be completed, but the three-candle pattern resembles an evening star formation. RSI (14) is trending lower while MACD has rolled over, providing bearish signals on price momentum. If the price were to break the uptrend, 196 is a level that has provided both support and resistance at points this year. Below, the 200 and 50-day moving averages are other potential targets, as is 189.59 and 188.00. Alternatively, if we were to see the price break convincingly above 199.50, 201.95 and 203.85 are two levels of note.