GBPJPY Technical Analysis 17th May 2024 1h chart

– Thursday Daily candle closed weak Bullish at 196.820 within recent Daily Resistance forming a huge Daily Rejection wick to the downside. I’ll be looking for potential Buys above 197.100 targeting 4h Resistance formed on 1st May 2024 at 197.450 and 4h Resistance formed on 29th April 2024 around 197.980. I’ll be looking for potential Sells below 196.470 targeting 30min Strong Support formed on Thursday during London session around 195.940 and 30min Support around 195.490. Price is trading at a high level of Resistance on the Daily and Weekly timeframe so it is very important to pay attention on how candles are forming on the lower timeframe and wait for a good confirmation before taking positions.