The GBPJPY is down for the 2nd consecutive day after peaking on Tuesday at the highest level since November 2015. The move down today reached 186.81, and at the time, they price tested its 100-hour moving average (blue line in the chart above). A few hours later, the price retested that moving average and once again found willing buyers.
The 100-hour moving average line has since moved up to 186.868 (and moving higher). The current price is at 186.974. If the price were to move below that moving average line (and stay below), it would tilt the short-term bias more in favor of the sellers (with work to do to increase the bearish bias).
Conversely, if the buyers can continue to hold onto support against this moving average line, we could see a rotation back to the upside. Getting above the low from yesterday near 187.18 would give some added confidence to the dip buyers that the low may be in place.
Of note is that on Monday, the price also moved down to test the 100-hour moving average, but quickly rebounded. So the last 3 tests of that 100-hour moving average have found support buyers. That increases the levels importance going forward. Be aware.