GBP/JPY Technical Analysis: Corrective bounce is gathering pace

• 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

Spot Rate: 146.22

Daily High: 146.26

Daily Low: 145.78

Trend: Intraday bullish

Resistance

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)