GBP/JPY Technical Analysis: Defense of 200-hour MA could produce a minor bounce

• The GBP/JPY’s pullback from the highs of 149.70 seems to have run out of steam at the 200-hour moving average (MA) support.
• The bullish divergence of the relative strength index (RSI) and the bull cross on the MACD, as  seen in the hourly chart, indicates scope for a re-test of 5-day moving average (MA), currently located at 147.78.

Hourly Chart

Spot Rate: 147.27

Resistance: 147.38

Support: 146.95

Trend: Mildly bullish

Resistance

R1: 147.61 (23.6% Fib R of Friday’s drop)

R2: 147.78 (5-day moving average)

R3: 147.94 (100-hour moving average)

Support

S1: 147.15 (Aug. 1 high)

S2: 146.97 (10-day moving average)

S3: 145.96 (38.2% Fib R 138.90/149.72)