GBPJPY Technical Analysis 20.10.2022 1h chart

– Previous Daily candle closed Bearish at 168.150 almost filling the Tuesday Daily candle bottom wick, The big drop happened at Pre London open as CPI y/y data showed an increase in Inflation to 10.1% from 9.9%.
– Buys on close above 168.270 closing above the 1h previous Support formed and held from London Session to NY Open, targeting 1h Resistance at 168.620, Leaving Runners to the 30min Resistance at 169.040.
– Sells on close below 167.710 on the break of the previous 4h Support targeting 1h Support at 167.340, Leaving Runners to the 4h previous Resistance formed on 14th October 2022 at 166.920.
– The pull back on the current price is good for future potential Bias for Buys or Sells as price form a new Price Action and consolidate before another trading  set up appears to increase the probability of trade idea playing out.