GBPJPY Technical Analysis 20.02.2023 1h chart

– Previous Weekly candle closed strong Bullish at 161.430 and Daily Support on Friday formed Support at 160.510.
– Buys on close above 161.660 targeting 4h Resistance at 161.980, Leaving Runners to the next 1h Resistance formed at 162.280.
– Sells on close below 161.850 targeting Daily Support at 160.490, Leaving Runners to the 4h Support formed at 160.150.
– As the Weekly closed Bullish and the Friday Daily candle formed Support, there is a higher probability for price to retest recent Daily Resistance formed on Wednesday 15th February 2023 filling the previous Weekly High.