GBPJPY Technical Analysis 03.08.2022 1h chart

– The previous Daily candle closed Bullish at 161.850 and formed Support at 161.160 leaving a huge Rejection wick to the downside leaving 170 pip bottom wick as price grabs Liquidity preparing ahead for the review on Bank Rate this Thursday 4th forecasting 50 basis point increase from 1.25% to 1.75% as Inflation remains the issue.
– Buys on close above 162.010 targeting 4h / 1h Resistance at 162.420 leaving Runners to Daily previous Support formed on (13.07.2022) at 162.650.
– Sells on close below 161.500 targeting Daily Support a 161.160 leaving Runners to 1h previous Resistance formed on Tuesday Pre London at 160.480.
– Based on Daily Support formed on Tuesday with a huge Rejection wick, Price could either consolidate prior to Thursday ( Bank Rate Decision ) or price will continue Bullish pricing in the move already.