GBPJPY Technical Analysis 12th February 2024 1h chart

12 בפבר׳

– Previous Weekly candle closed Bullish breaking above recent Weekly Resistance held around 188.200, Friday Daily candle closed weak Bullish with a slight Rejection to the upside almost filling the previous Monthly high, but overall price ranged on the 4h timeframe on the last trading session ( Friday ). I’ll be looking for potential Buys above 188.720 looking for price to fill the previous Monthly high (January) at 188.940, to then potentially retest the previous Weekly Support formed in July 2015 around 189.320. I’ll be looking for potential Sells below 188.200 targeting recent 1h Support (187.920) and previous 4h Support formed on 2nd February (187.500), both targets for buys and sells are fairly big due to price ranging on the 4h timeframe, so waiting for price to break out of the range is a must!