GBPJPY Technical Analysis 03.04.2023 1h chart
– Previous Monthly candle closed weak Bullish at 163.740 respecting the Monthly Support formed in January 2023, Previous Weekly candle closed Bullish above recent Weekly Resistance formed on the 1st week of March, forming new Weekly Support at 159.800.
– Buys on close above 163.990 targeting 4h previous Support formed at 164.530, Leaving Runners to the 1h Resistance at 164.920.
– Sells on close below 163.560 targeting 4h Strong Support at 163.200, Leaving Runners to the 1h Support formed at 162.640.
– As the monthly and Weekly candle just started there is a higher probability for price to pullback retracing to retest some of the broken level of Resistance.
– Buys on close above 163.990 targeting 4h previous Support formed at 164.530, Leaving Runners to the 1h Resistance at 164.920.
– Sells on close below 163.560 targeting 4h Strong Support at 163.200, Leaving Runners to the 1h Support formed at 162.640.
– As the monthly and Weekly candle just started there is a higher probability for price to pullback retracing to retest some of the broken level of Resistance.