GBP/JPY Price Analysis: Retreats from 14-month highs

GBP/JPY is trading near 147.47 at press time, having printed a high of 147.71 on Thursday. That level was last seen in December 2019. 

The pullback could be extended further, as the 4-hour chart shows a bearish divergence of the Relative Strength Index, a sign of weakening of upward momentum. 

Support is seen at 147.11 (50-hour Simple Moving Average). Meanwhile, Thursday's high of 147.71 is the level to beat for the bulls. A violation there would expose 147.95 (December 2017 high(. 

4-hour chart

Trend: Pullback likely

Technical levels