GBPJPY Technical Analysis 25.01.2023 1h chart

– Previous Daily candle closed Bearish at 160.550 forming Daily Resistance at 161.690 as price respected the 4h Rejection formed on 28th December 2022.
– Buys on close above 160.760 targeting 1h Resistance at 161.120, Leaving Runners to the 1h Strong Resistance formed at 161.430.

– Sells on close below 160.060 targeting 4h Support at 159.760, Leaving Runners to the 1h Support formed at 159.430.
– As the Tuesday Daily candle have formed Daily Resistance now there is a higher probability for price to retest the 159 Level.