– Buys on close above 169.950 targeting Monthly Support formed in June 2014 at 170.500, Leaving Runners to the 4h previous Resistance formed on 21st January 2016 at 171.100.
– Sells on close below 169.330 targeting 1h previous Resistance formed during New York Stock Exchange session on Monday and the Pre New York Session open on Tuesday at 168.820, Leaving Runners to the 1h Support at 168.440.
– Overall GBPJPY is extremely Bullish on the higher timeframe with the Daily closing Bullish there is a higher probability for price continuing to break above targeting the 2016 Highs but this potential move could possibly happen within the next weekly candle allowing the current Monthly candle ( October ) to close with a wick to be filled to the upside, The Bank rate for the Pound Sterling could be the catalyst to push GBPJPY down creating the November candle bottom wick anticipating further rate hike to bring down Inflation back to / close to target (2%) to then potentially drive the price up.