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17 Mar 2020

GBP/JPY Price Analysis: Flashing green in Asia, bullish divergence of RSI on D1

  • GBP/JPY's daily chart indicator is reporting a bullish divergence. 
  • A notable bounce, however, would remain elusive if the markets remain risk-averse. 

GBP/JPY is reporting gains in Asia with the US stock index futures gaining altitude and drawing offers for the anti-risk yen.

The pair is currently trading near 130.63, representing a 0.59% gains on the day, having hit a multi-month low of 128.90 on Monday. Meanwhile, the futures on the S&P 500 are currently up over 3.5%. 

Bullish divergence

The 14-day relative strength index has charted higher lows this month, contradicting lower lows on the price chart. The bullish divergence has gained credence with the pair's uptick in Asia and is suggestive of seller exhaustion. 

As a result, further gains toward the descending 5-day average at 131.70 cannot be ruled out. That said, if the uptick seen in the S&P 500 futures is reversed, a fresh sell-off in GBP/JPY toward Monday's low of128.90 may be seen. 

Daily chart

Trend: Oversold bounce

Technical levels

 

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