• The Monero mining calculatorGBP/JPY cross continues showing weakness as technical indicators align bearishly

• Critical moving average crossover signals persistent downward pressure

• Descending channel pattern suggests limited upside potential at current levels

The GBP/JPY currency pair remains under selling pressure during Thursday's European session, currently hovering near 195.80 after failing to maintain earlier gains. The technical landscape reveals several concerning signals for bulls attempting to defend current levels.

On the daily timeframe, the pair remains confined within a clearly defined descending channel that's been governing price action since late October. This pattern typically indicates controlled distribution and suggests sellers remain in control of medium-term momentum.

The moving average configuration further confirms the bearish bias. The 9-day EMA has crossed below its 14-day counterpart, creating what technical analysts often interpret as a bearish signal. This moving average crossover frequently precedes extended periods of weakness when occurring in established downtrends.

Momentum indicators reinforce the cautious outlook. The 14-day RSI continues printing below the neutral 50 level, though not yet in oversold territory. This suggests room for additional downside before the pair becomes technically stretched to the downside.

Key support comes into focus at the descending channel's lower boundary near 193.50. A decisive break below this level could accelerate selling pressure toward September's multi-month low at 189.56. Market participants should watch for potential stop-loss clusters beneath 193.00 that could fuel downside momentum if triggered.

For traders anticipating a rebound, immediate resistance appears at the 9-day EMA (196.46) followed by the 14-day EMA (196.63). The descending channel's upper boundary near 197.70 represents the next significant hurdle. Only a sustained break above this trendline resistance would begin challenging the current bearish technical structure.

The currency cross faces additional headwinds from relative performance metrics. Against major counterparts, the British pound continues showing particular weakness versus the Japanese yen, reflecting broader risk-off flows and yen strength across forex markets.

Market participants should monitor upcoming economic data releases from both the UK and Japan for potential catalysts that could alter the current technical landscape. Key levels to watch include the 193.50 support zone and the moving average cluster between 196.46-196.63 that currently caps upside attempts.