GBPJPY Technical Analysis 08.05.2023 1h chart
– Previous Weekly candle closed Bearish at 170.250 forming Weekly Resistance at 171.070, Friday Daily candle closed Bullish forming Daily Support at 168.740.
– Buys on close above 170.550 targeting 1h previous Support formed on 28th April 2023 at 170.930, Leaving Runners to the 4h previous Support formed on 1st May 2023 at 171.240.
– Sells on close below 169.960 targeting 15mins Support at 169.550, Leaving Runners to the 1h Support formed at 169.180.
– As the previous Weekly candle high formed a Rejection there is a probability for the current weekly candle to respect the new Weekly Resistance and fill Weekly Low and retesting the Weekly Resistance formed back in December 2022.
– Buys on close above 170.550 targeting 1h previous Support formed on 28th April 2023 at 170.930, Leaving Runners to the 4h previous Support formed on 1st May 2023 at 171.240.
– Sells on close below 169.960 targeting 15mins Support at 169.550, Leaving Runners to the 1h Support formed at 169.180.
– As the previous Weekly candle high formed a Rejection there is a probability for the current weekly candle to respect the new Weekly Resistance and fill Weekly Low and retesting the Weekly Resistance formed back in December 2022.