GBPJPY Technical Analysis 07.03.2023 1h chart

– Previous Daily candle closed Bearish at 163.320 respecting Daily Support formed on Friday 3rd March 2023.
– Buys on close above 163.800 targeting 4h Resistance at 164.250, Leaving Runners to the 30min Resistance formed at 164.910.
– Sells on close below 162.980 targeting 1h Support at 162.680, Leaving Runners to the next 1h Support formed at 162.290.
– Overall price is consolidating on the Daily and the 4h timeframe so it is extremely important to wait for price to close outside the Consolidation Zone before executing on a trade.