GBPJPY Technical Analysis 23.10.2023 1h chart
– Previous Weekly candle closed Bullish at 182.200 forming Weekly Support around 181.170, Friday Daily candle closed Bullish forming Daily Support around 181.820.
– Buys on close above 182.350 targeting 4h Resistance around 182.720, Leaving Runners to the 30min Resistance around 183.140.
– Sells on close below 181.400 targeting 4h Support around 181.100, Leaving Runners to the Weekly Support formed around 180.660.
– On the previous week, Daily candles have been ranging between 181.100 to 182.600 hence why the No Trade Zone is much larger than usual, Ideally is to allow the Asian session to form a new range ahead for the new Weekly candle and wait for price to break out during high volume time using strong confirmation.
– Buys on close above 182.350 targeting 4h Resistance around 182.720, Leaving Runners to the 30min Resistance around 183.140.
– Sells on close below 181.400 targeting 4h Support around 181.100, Leaving Runners to the Weekly Support formed around 180.660.
– On the previous week, Daily candles have been ranging between 181.100 to 182.600 hence why the No Trade Zone is much larger than usual, Ideally is to allow the Asian session to form a new range ahead for the new Weekly candle and wait for price to break out during high volume time using strong confirmation.