GBPJPY Technical Analysis 11th March 2024 1h chart

British Pound / Japanese Yen (FX:GBPJPY)

FX:GBPJPY British Pound / Japanese Yen

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– Last Weekly candle closed Bearish rejecting recent Weekly Resistance around 190.700. Friday Daily candle closed Bearish but price ranged overall on the Hourly timeframe. I’ll be looking for potential Buys above 189.710 targeting 4h Resistance around 190.320 and Weekly Resistance around 190.690. I’ll be looking for potential Sells below 188.720 targeting previous Daily Resistance formed on 24th January 2024 at 188.130 and 4h previous Resistance formed on 2nd February 2024 around 187.530. Based on the recent 2 Weekly candles closing Bearish forming Resistance, There is a good probability for price to continue Bearish correcting recent Buys in order for price to retest the recent broken Monthly Resistance formed in December 2023.

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