GBP/JPY Technical Analysis: Bearish doji reversal confirmed, trendline capping downside

GBP/JPY pair fell 0.33 percent yesterday, validating bullish indecision/exhaustion signaled by the previous two doji candles.

So, while the bearish doji reversal is confirmed, the downside is being capped by the ascending trendline connecting the Feb. 15 and Feb. 22 lows. 

The trendline support, however, could be pierced in the next 24 hours, as the bearish doji reversal on the daily is accompanied by a negative relative strength index (RSI) divergence on the 4-hour chart. 

As of writing, the pair is trading at 147.33 and the rising trendline support is seen at 147.17. 

Daily chart

4-hour chart

Trend: Bearish