USD/JPY Technical Analysis: With 200-day MA capping gains, 1H RSI diverges in favor of the bears

With the hourly chart relative strength index (RSI) producing lower highs, USD/JPY struggles to find acceptance above the 200-day moving average (MA) line at 111.41 for the second day.

The bearish divergence at the key resistance line indicates scope for a pullback, possibly to the ascending 50-hour MA, currently at 111.04.

On the higher side, a convincing break above the 200-day MA would open the doors for 112.14 (March high).

As of writing, the spot is trading at 111.38, having clocked a high and low of 111.46 and 111.29 earlier today.

Hourly chart

Trend: minor pullback likely