GBPJPY Technical Analysis 16.08.2022 1h chart

– Previous Daily candle closed Strong Bearish breaking and closing at 160.680 below  Daily Support formed on the 2nd and 5th of August 2022 almost filling the Weekly wick from the beginning of August, Also showing sign of volume coming into the Market when compared to the overall price action of the last weekly candle and current Weekly candle.
– Buys on close above 160.960 targeting 1h Resistance at 161.260 leaving Runners to the next 1h strong Resistance at 161.620.
– Sells on close below 160.340 targeting 1h previous Resistance formed on the (02.08.2022) at 160.040 leaving Runners to 4h / 30min Strong Support at 159.550.
– Monday’s heavy bearish momentum could possibly be market pricing in the high inflation as forecasted at 9.8% for Wednesday, Previous: 9.4%.