GBPJPY Technical Analysis 16.02.2023 1h chart

– Previous Daily candle closed Bearish at 161.350 forming Daily Resistance at 161.960 as overall price could be retracing on the lower timeframe to form support to then retest the the current Weekly High.
– Buys on close above 161.460 targeting 1h Resistance at 161.830, Leaving Runners to the 30min Resistance at 162.050.
– Sells on close below 160.830 targeting 1h previous Resistance formed at 160.530, Leaving Runners to the 4h Support formed at 160.160.
– As the current Monthly High broke the previous Monthly High (January), price could be retracing to retest the high or Rejecting the previous Monthly Support held over 2022.