GBPJPY Technical Analysis 11.04.2023 1h chart
– Previous Daily candle closed strong Bullish at 165.350 breaking above the Daily Resistance formed on Wednesday 5th April 2023.
– Buys on close above 165.500 targeting 4h Resistance at 165.810, Leaving Runners to the 1h Resistance at 166.210.
– Sells on close below 165.180 targeting 1h previous Resistance formed at 164.910, Leaving Runners to the 1h Support formed at 164.670.
– Ideally is to wait for price to pullback to form Support on the lower timeframe allowing the new Daily candle to form a bottom wick before breaking the previous Daily High for more potential Buys.
– Buys on close above 165.500 targeting 4h Resistance at 165.810, Leaving Runners to the 1h Resistance at 166.210.
– Sells on close below 165.180 targeting 1h previous Resistance formed at 164.910, Leaving Runners to the 1h Support formed at 164.670.
– Ideally is to wait for price to pullback to form Support on the lower timeframe allowing the new Daily candle to form a bottom wick before breaking the previous Daily High for more potential Buys.
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