GBPJPY Technical Analysis 11.08.2022 1h chart

– Previous Daily candle closed Bearish at 162.250 forming Daily Resistance at 163.160.
– Buys on close above 162.680 targeting Daily Resistance at 163.160 leaving Runners to 4h / 1h Resistance at 163.470.
– Sells on close below 161.930  targeting 4h / 1h Support at 161.630 leaving Runners to the strong Daily Support at 161.170.
– As the previous Daily candle formed Resistance and broke out of the Daily and 4h Consolidation there is a higher probability for the price to tap the strong Daily Support formed around 161.170,  Japanese Bank Holiday in observance of Mountain Day.