AUD/JPY Technical Analysis: Bullish RSI divergence on 1H chart after upbeat Aussie trade data

AUD/JPY could see a corrective bounce in the next few hours, as the RSI on the hourly chart has diverged in favor of the bulls.  

The data released at 00:30 GMT showed the Aussie retail sales rebounded 0.1 percent in January, missing the forecast of a 0.3 percent month-on-month rise.  

AUD/JPY fell to 78.33 – the lowest level since Feb. 21 – immediately after the retail sales hit the wires, only to recover quickly to 78.50 on the back of a better-than-expected Australia trade data.  

With bullish divergence of the hourly chart RSI, it appears the pair may cheer the upbeat trade data with a move higher to 78.70-78.75.  

Hourly chart

Trend: Intraday bounce likely