- Currently, the GBP/JPY pair is trading above the 50-hour exponential moving average (EMA) of 146.18, having charted a bullish divergence of the relative strength index (RSI) on the hourly chart.
- The RSI on the hourly chart has turned bullish above 50.00.
- Hence, the cross looks set to test the 100-day EMA of 146.52. Further gains could be short-lived as the 5-day and 10-day EMAs are trending south and the daily RSI below 50.00 is biased toward the bears.
- A daily close below 145.96 (38.2% Fib R of 139.90/149.72) would put the bears back into the driver’s seat.
Hourly Chart
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Spot Rate: 146.22
Daily High: 146.26
Daily Low: 145.78
Trend: Intraday bullish
R1: 146.52 (100-day EMA)
R2: 146.85 (10-day EMA)
R3: 147.58 (Oct. 22 high)
Support
S1: 145.96 (38.2% Fib R of 139.90/149.72)
S2: 145.29 (previous day’s low)
S3: 144.81 (50% Fib R of 139.690/149.72)
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