GBPJPY Technical Analysis 18.01.2024 1h chart
– Previous Daily candle closed strong Bullish around 187.730 breaking out of the recent 4h Consolidation Zone, Breaking above recent Monthly Resistance formed in December last year (2023).
– Buys on close above 188.020 targeting Weekly Resistance formed on 27th November 2023 around 188.020, Leaving Runners to the Monthly High formed in November 2023 around 188.660.
– Sells on close below 187.510 targeting 4h Support formed around 187.110, Leaving Runners to the previous 1h Resistance formed on 1st December 2023 around 186.670.
– As price approaches Weekly Resistance formed Monday 27th November 2023 there is a good probability for price to form a minor Resistance before the continuation to the upside if there was a valid confirmation on the lower timeframe.
– Buys on close above 188.020 targeting Weekly Resistance formed on 27th November 2023 around 188.020, Leaving Runners to the Monthly High formed in November 2023 around 188.660.
– Sells on close below 187.510 targeting 4h Support formed around 187.110, Leaving Runners to the previous 1h Resistance formed on 1st December 2023 around 186.670.
– As price approaches Weekly Resistance formed Monday 27th November 2023 there is a good probability for price to form a minor Resistance before the continuation to the upside if there was a valid confirmation on the lower timeframe.