GBPJPY Technical Analysis 05.08.2022 1h chart

– Previous Daily candle closed Bearish at 161.450 forming Daily Resistance at 162.450 leaving a huge top wick Rejection measuring +140 pips as the heavy bearish momentum was influenced by the rise in the Interest Rate decision by the Bank Of England due to High Inflation.
– Buys on close above 161.980 targeting Daily Resistance at 162.450 leaving Runners to 1h previous Daily Resistance formed on (03.08.2022) at 163.000.
– Sells on close below 161.460 targeting Daily / 1h Support at 161.140 leaving Runners to 15min previous Resistance formed on (02.08.2022) at 160.590.
– MPC Member Pill is due to speak about the latest Interest Rate decision at the Monetary Policy Report National Agency Briefing.
– Short-term Buys could possibly play out for the current Daily candle to Pullback and form a top wick to then form Resistance on the LTF and fill the previous Daily candle low.