GBPJPY Technical Analysis 02.05.2023 1h chart
– Previous Daily candle closed Bullish at 171.700 tapping into the Monthly Highs of October 2022.
– Buys on close above 172.060 targeting 4h Resistance formed on 4th February 2016 at 172.420, Leaving Runners to the Weekly Resistance formed on 1st February 2016 at 172.900.
– Sells on close below 171.510 targeting 4h Support formed at 171.220, Leaving Runners to the 1h Strong Support formed at 170.920.
– Despite the Daily closing Bullish there is a probability for the Tuesday Daily candle to close Bearish forming Resistance as price is trading within the 2022 Highs.
– Buys on close above 172.060 targeting 4h Resistance formed on 4th February 2016 at 172.420, Leaving Runners to the Weekly Resistance formed on 1st February 2016 at 172.900.
– Sells on close below 171.510 targeting 4h Support formed at 171.220, Leaving Runners to the 1h Strong Support formed at 170.920.
– Despite the Daily closing Bullish there is a probability for the Tuesday Daily candle to close Bearish forming Resistance as price is trading within the 2022 Highs.