GBPJPY Technical Analysis 10.05.2023 1h chart
– Previous Daily candle closed Bullish at 170.600 leaving a Rejection wick to the downside as the 4h timeframe forms a new Consolidation Zone.
– Buys on close above 170.700 targeting 1h Resistance at 171.010, Leaving Runners to the 4h previous Support formed on 1st May 2023 at 171.230.
– Sells on close below 170.360 targeting 4h Support at 170.150, Leaving Runners to the 1h Support formed at 169.840.
– Overall price is consolidating on the 4h timeframe as the Monday and Tuesday Daily candle (Body) closed small Bullish with Rejection wicks to each side.
– Buys on close above 170.700 targeting 1h Resistance at 171.010, Leaving Runners to the 4h previous Support formed on 1st May 2023 at 171.230.
– Sells on close below 170.360 targeting 4h Support at 170.150, Leaving Runners to the 1h Support formed at 169.840.
– Overall price is consolidating on the 4h timeframe as the Monday and Tuesday Daily candle (Body) closed small Bullish with Rejection wicks to each side.
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