GBPJPY Technical Analysis 11.01.2024 1h chart
– Previous Daily candle closed strong Bullish around 185.710 breaking out of the recent Daily Range.
– Buys on close above 185.750 targeting 4h Resistance formed on 4th December 2023 around 186.150, Leaving Runners to the 1h Resistance formed on 1st December 2023 around 186.670.
– Sells on close below 185.230 targeting 15min Support formed around 184.810, Leaving Runners to the 30min Support formed around 184.490.
– As price already broke above the previous Weekly High, there is a good probability for price to retrace on the lower timeframe before the continuation to the upside knowing that current Monthly candle is trending Bullish.
– Buys on close above 185.750 targeting 4h Resistance formed on 4th December 2023 around 186.150, Leaving Runners to the 1h Resistance formed on 1st December 2023 around 186.670.
– Sells on close below 185.230 targeting 15min Support formed around 184.810, Leaving Runners to the 30min Support formed around 184.490.
– As price already broke above the previous Weekly High, there is a good probability for price to retrace on the lower timeframe before the continuation to the upside knowing that current Monthly candle is trending Bullish.