GBPJPY Technical Analysis 29.07.2022 1h chart

– The previous Daily candle closed strong Bearish at 163.460 as the price has retraced all the way to Daily Support formed on Monday (25.07.2022), Also the currently Weekly candle broke its own low, The previous Daily candle also formed Resistance at 165.950 reacting to the Weekly Resistance formed on (27.06.2022).
– Buys on close above 163.720 targeting 1h previous Support at 164.220 leaving Runners to 1h Resistance at 164.520 for the price to retest the broken 4h Support.
– Sells on a close below 163.020 targeting Daily / 4h Support at 162.640 leaving Runners to Monthly / Daily Support at 162.000.
– Quick Reminder that while we do Daily Analysis at Dominion Markets it is extremely important to also pay attention to the higher timeframe as the Monthly and Weekly candle comes to a close, paying attention to how the Body of the candle closed and how the top and bottom wicks have been formed comparing those to the most recent price action just like how it’s done on the lower timeframe.