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.

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)