GBPJPY Technical Analysis 16th May 2024 1h chart

– Wednesday Daily candle closed Bearish at 196.440 forming Daily Resistance around 196.940 as price respected recent Weekly Resistance. I’ll be looking for potential Buys above 196.530 targeting Daily Resistance formed at 196.980 and 4h Resistance around 197.420. I’ll be looking for potential Sells below 196.120 targeting 30min Support around 195.760 and Hourly Support around 195.290. As Daily formed Resistance the probability for price to retrace and possibly retest Daily Support formed on 5th May 2024 by end of this week.