GBP/JPY technical analysis: Stuck at 10-day MA hurdle despite bullish RSI divergence

• GBP/JPY is struggling to rise past the 10-day moving average hurdle. 
• The daily chart shows a bullish divergence of RSI. 

The GBP/JPY pair is bid, but struggling to rise above the 10-day moving average (MA) resistance of 136.24. As of writing, the pair is trading at 136.17, having hit a high of 136.28 earlier today. 

The 14-day relative strength index has charted higher lows since the end of May, contradicting the lower lows on GBP/JPY. That bullish divergence indicates seller exhaustion. That said, a daily close above 137.79 (July 1 high) is needed to confirm a bearish-to-bullish trend change. 

The resistance at 137.79 will likely come into play once the pair finds acceptance above the 10-day MA of 136.24. 

On the downside, key support is seen at 135.72 (hourly chart rising trendline). A violation there would allow retest of 135.00. 

Daily chart

Trend: Early signs of seller exhaustion

Pivot points