GBP/JPY Technical Analysis: Bulls need a convincing break above 50-hour MA

• The GBP/JPY hourly chart shows a bullish divergence of the relative strength index (RSI).
• A break above the 50-hour moving average (MA) of 144.18 would further validate the early signs of bull reversal and open the doors to 145.01 (August 2 low resistance on the hourly chart).
• That said, a break below 144.00 would weaken the bull case.

Hourly chart

Spot Rate: 144.15

Daily High: 144.28

Daily Low: 144.05

Trend: Bullish above 50-hour MA

Resistance

R1: 144.18 (50-hour MA)

R2: 144.44 (resistance as per the hourly chart)

R3: 144.72 (downward sloping 100-hour MA)

Support

S1: 144.00 (psychological support)

S2: 143.81 (Previous day’s low)

S3: 143.19 (May 29 low)