GBP/JPY Technical Analysis: 61.8 percent Fib could cap upside in the pair

• The bearish divergence of the hourly chart relative strength index (RSI) and the overbought conditions reported by the 4-hour chart RSI indicate the GBP/JPY pair may have a tough time scaling the key resistance at 145.72 (61.8 percent Fibonacci retracement of 149.31/139.90) in the next 24 hours or so.
• The overall outlook remains bullish as long as the 5-day and 10-day moving averages (MAs) are trending north.

Hourly Chart

Spot Rate: 145.55

Daily High: 145.69

Daily Low: 145.38

Trend: Pullback likely

Resistance

R1: 145.72 (61.8 percent Fibonacci retracement)

R2: 146.00 (psychological hurdle)

R3: 146.62 (100-day moving average)

Support

S1: 145.38 (session low)

S2: 144.92 (50-day moving average)

S3: 144.39 (June 19 low)