GBPJPY Technical Analysis 05.04.2023 1h chart
– Previous Daily candle closed Weak Bullish at 164.570 with a huge rejection wick to the upside as price tapped into the Daily Resistance formed on 20th December 2022.
– Buys on close above 164.980 targeting 15min previous Support formed at 165.350, Leaving Runners to the 4h Resistance at 165.800.
– Sells on close below 164.310 targeting 1h Support at 164.010, Leaving Runners to the 4h Support at 163.700.
– For Buys ideally is to look for small targets and leave Runners where possible as price could reject the previous Daily top wick.
– Buys on close above 164.980 targeting 15min previous Support formed at 165.350, Leaving Runners to the 4h Resistance at 165.800.
– Sells on close below 164.310 targeting 1h Support at 164.010, Leaving Runners to the 4h Support at 163.700.
– For Buys ideally is to look for small targets and leave Runners where possible as price could reject the previous Daily top wick.