GBPJPY Technical Analysis 5th February 2024 1h chart
– Previous Weekly candle closed weak Bearish forming weak Weekly Resistance leaving over 210 pip rejection wick to the downside as Daily candle for Friday closes Bullish. I’ll be looking for potential Buys above 187.860 to retest recent Weekly Resistance (188.150) and 1h Resistance (188.450). I’ll be looking for potential Sells below 186.950 targeting recent 1h Support (186.600) and the previous 1h Resistance formed around 186.260. Sells are much cleaner to play out than Buys despite the Weekly rejection, Also bear in mind Daily has retraced all the way back to the previous Daily Range (Consolidation Zone) formed in between (187.560 – 188.230).