GBPJPY Technical Analysis 19.01.2023 1h chart

– Previous Daily candle closed Bullish at 159.060 leaving a 240 pip rejection wick to the upside as price tapped into two Daily Resistances formed on 12th January 2023 and 29th December 2022.
– Buys on close above 158.590 targeting Weekly / 1h Resistance at 159.660, Leaving Runners to the 15min Resistance formed at 160.120.
– Sells on close below 158.590 targeting 30min previous Resistance at 158.170, Leaving Runners to the 30min Resistance at 157.780.
– As the previous Daily candle closed Bullish with a big Rejection to the upside correcting almost the whole move from the Asian session when Bank Of Japan announced Policy Rate decision, there is a higher probability for price to further correct the rest of the previous Daily move up.