GBPJPY Technical Analysis 06.07.2022 1h chart

– Previous Daily candle closed strong Bearish at 162.400 as the price broke the minor Daily Support formed on Monday, Price did do the pullback to retest the broken Daily Support formed on 24.06.2022 at 165.280 which is where the Tuesday High of Day was tapped then price rejected that area (165.280) and Sells played out very well filling the previous Weekly Candle Low exactly as described in the Analysis posted on for Tuesday (05.07.2022).
– Buys on close above 162.600 targeting 1h previous Support formed on Monday (04.07.2022) at 163.270  leaving Runners to 15min Strong Resistance at 163.650.
– Sells on close below 161.830 targeting 4h Strong Support formed on (31.05.2022) at 161.320 leaving Runners to Daily Previous Resistance formed on (24.05.2022) at 160.980.
– There could be a further drop to 160 Key Level where Daily has left a huge Rejection wick to the downside on (16.06.2022) which is also the June Monthly Candle Low, so it will be interesting to see if the price will push to that level and break it or will it reject and respect the higher timeframe market structure on the Monthly.