GBPJPY Technical Analysis 06.02.2023 1h chart

– Previous Weekly candle closed strong Bearish at 157.990 forming Weekly Resistance at 160.860, However, The Friday Daily candle closed Bullish forming Daily Support at 157.200.
– Buys on close above 158.750 targeting 1h previous Support at 159.150, Leaving Runners to the 4h Resistance at 159.500.
– Sells on close below 157.830 targeting Daily / 1h Support formed on Friday 3rd February at 157.240, Leaving Runners to the next 1h Support formed at 156.870.
– Based on the Daily timeframe, there is a higher probability for price to retest the broken previous Daily Support formed and held during the last week of January around 160.500. as price corrects some of the Bear move that happened on Thursday 2nd February due to Bank Of England raising Bank Rate.