GBPJPY Technical Analysis 18.02.2022 1h chart

– The previous Daily candle formed Resistance at 156.830 and consolidated within the 4h Range between 156.400 to 157.000 which is a Strong Resistance on the Weekly, 4h and the 1h, Better Buys are on close above 157.000 but there is a possibility that the move would not happen this week so again we are looking for Small Targets as the price is consolidating.

– We also have Retail Sales Data release 1h before London Open so possibly if Data is as expected or better than expected GBPJPY could break the strong 4h Consolidation Zone and head to 157.600 (4h) Resistance.
Retail Sales m/m : Prev : -3.7% / Forecast : 1.1%.