GBP/JPY Technical Analysis: Bull hammer fails to produce corrective rally

• The GBP/JPY created a bullish hammer on the hourly chart a couple of hours ago, raising prospects of a corrective rally. However, the pair is showing no signs of life as of writing.
• The corrective rally is seen gathering traction after the relative strength index (RSI) has moved above 50.00 (in bullish territory).

Hourly chart

Spot Rate: 145.72

Daily High: 146.08

Daily Low: 145.46

Trend: Bearish

Resistance

R1: 146.07 (50-hour moving average)

R2: 146.32 (5-day moving average)

R3: 146.65 (50-day moving average)

Support

S1: 145.08 (76.4 percent Fibonacci retracement of 143.77-149.31).

S2: 144.39 (June 19 low).

S3: 144.00 (psychological level).