GBP/JPY Technical Analysis: Pullback likely on bear RSI divergence

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The GBP/JPY pair could test the key rising trendline support of 142.80, as the hourly chart is showing a bearish divergence of the relative strength index (RSI). 

Hourly chart

  • The back-to-back candles with long upper shadows signal bullish exhaustion. A similar message is being echoed by the previous 4-hour doji candle. 
  • Add to that the lower high/bearish divergence on the 14-hour RSI and the prospects of a drop to 142.80 (trendline support) appear high. 

Trend: pullback likely

GBP/JPY

Overview:
    Today Last Price: 143.21
    Today Daily change: -0.08 pips
    Today Daily change %: -0.06%
    Today Daily Open: 143.29
Trends:
    Daily SMA20: 139.7
    Daily SMA50: 141.91
    Daily SMA100: 144.43
    Daily SMA200: 145.38
Levels:
    Previous Daily High: 143.57
    Previous Daily Low: 141.52
    Previous Weekly High: 142.22
    Previous Weekly Low: 137.36
    Previous Monthly High: 145.52
    Previous Monthly Low: 138.86
    Daily Fibonacci 38.2%: 142.79
    Daily Fibonacci 61.8%: 142.3
    Daily Pivot Point S1: 142.02
    Daily Pivot Point S2: 140.74
    Daily Pivot Point S3: 139.97
    Daily Pivot Point R1: 144.07
    Daily Pivot Point R2: 144.84
    Daily Pivot Point R3: 146.12

 

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