GBPJPY Technical Analysis 05.01.2023 1h chart

– Previous Daily candle closed strong Bullish at 159.800 forming Daily Support at 156.720, Wednesday Daily candle measuring more than 340 Pips as high volume back in the market.
– Buys on close above 160.160 on the break of the previous Daily candle targeting 4h Resistance at 160.560, Leaving Runners to the next 4h Resistance at 161.080, price could possibly reject the 160.820 level which the previous 1h Support formed on 29th December 2022.
– Sells on close below 159.630 targeting 1h previous Resistance formed on 30th December 2022 at 159.190, Leaving Runners to the 15min Support formed at 158.830.
– Despite the Daily closing strong Bullish there will be an opportunity for Sells on the lower timeframe to play out to correct part of the Bullish move we’ve had during New York Session on Wednesday.