GBPJPY Technical Analysis 08.08.2022 1h chart

– Previous Weekly candle closed Bullish forming Weekly Support at 162.250, Previous Daily candle (Friday close) also closed Bullish forming Daily Support at 161.450, 4h timeframe formed Resistance at 162.900 as the price retraced correcting the volatile drop down that was impacted by the news release for the Bank Rate from the Bank Of England.
– Buys on close above 163.360 targeting 4h Resistance at 163.740 leaving Runners to 1h previous Support formed on (28.07.2022) at 164.250.
– Sells on close below 162.800 targeting Daily Previous Resistance formed on (04.08.2022) at 162.450 leaving Runners to 1h previous Resistance formed on (05.08.2022) at 162.040.
– Ideally is to allow the Asian Session to consolidate and form new Price Action for the Week ahead, Volume is expected at London Session so it’s essential to wait for the confirmation to enter a trade.