GBP/JPY Technical Analysis: Bull RSI divergence may offer relief

The GBP/JPY hourly chart shows the relative strength index (RSI) has not confirmed the lower lows structure in the price chart.
The bull divergence would take effect if the pair moves above the previous hourly candle's high of 142.68, allowing a corrective rally to 143.00 (round figure) and above.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 142.60

Daily High: 143.00

Daily Low: 142.35

Trend: Intraday bullish

Resistance

R1: 142.73 (resistance as per the hourly chart)

R2: 143.19 (May 29 low)

R3: 143.63 (downward sloping 50-hour MA)

Support

S1: 142.31 (daily pivot support 1)

S2: 142.00 (psychological support)

S3: 141.75 (daily pivot support 2)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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