GBP/JPY Technical Analysis: Negative divergence on the hourly RSI

• GBP/JPY is solidly bid, having scaled the key falling trendline – drawn from April 18 high and April 26 high – on Friday.
• However, the bullish momentum may wane over the next few hours as the hourly RSI has not printed a higher high despite a higher high in price (bearish divergence).

Hourly chart

Daily chart

Spot Rate: 146.43

Daily High: 146.59

Daily Low: 145.77

Trend: Bullish move may stall

Resistance

R1: 146.65 (June 22 high)

R2: 147.00 (psychological hurdle)

R3: 147.40 (50-day MA)

Support

S1: 146.00 (psychological support)

S2: 145.77 (support on hourly chart)

S3: 145.32 (200-hour MA)