Ella 
GBP/JPY is trading within a descending triangle pattern from August.
The 50 hour exponential moving average is about to cross downwards below the 100 hour exponential moving average.
GBP/JPY first level of resistance is at 184.40; first level of support is at 183.10.
GBP/JPY has been trading in a descending triangle pattern since August. GBP/JPY is currently trading around 183.22, down 0.56% on the day. The yen rose against the pound on Monday after Asia’s latest interviews with Japanese policymakers. Bank of Japan Governor Kazuo Ueda said in an interview on Monday that the Bank of Japan will “quietly exit” its easing policy for now as it tries to avoid any major impact on markets.
From a technical perspective, the GBP/JPY cross is trading below the 50 hourly and 100 hourly exponential moving lines. Notably, the 50 hour exponential moving average is about to cross downwards below the 100 hour exponential moving average. If there is a clear crossover on the 4-hour chart, it will verify that the above moving averages are forming a dead cross, highlighting that the path of least resistance for GBP/JPY is to the downside.
The first level of resistance for GBP/JPY is at 184.40 (the confluence of the 50 and 100 hour exponential moving averages). Another level of upside resistance to watch is 185.35 (upper edge of the descending triangle pattern). Any clear follow-through buying in GBP/JPY would lead to a test of the next stop at 186.00 (psychological round number, 23 August high).
Alternatively, if GBP/JPY clearly breaks below the 183.10 lower limit of the descending triangle pattern, it will fall to 182.55 (July 21 high), then to 182.35 (August 9 low) and the psychological round number mark of 182.00 .
Additionally, the Relative Strength Index is in bearish territory below 50, suggesting further downside for GBP/JPY cannot be ruled out.
