GBPJPY Technical Analysis 19.08.2022 1h chart

– Previous Daily candle closed Bearish at 162.050 forming Daily Resistance at 162.650 as the price attempted to break the 4h strong Resistance around 163.200 but rejected and respected the Daily Resistance formed on (10.08.2022), As explained on Yesterday’s Breakdown Analysis (18.08.2022) Buys were risky as price formed multiple wick Rejections on the Daily failing to break and close above 163.650, Therefore Sells played out and full TP was tapped exactly as planned. for more information please check the previous Breakdown Analysis (GBPJPY Technical Analysis 18.08.2022 1h chart).
– Buys on close above 162.320 on the break of the previous 1h Resistance targeting the most recent Daily Resistance formed on Thursday’s trading Session at 162.650 leaving Runners to Daily / 4h Strong Resistance at 163.150.
– Sells on close below 161.690 on the break of the previous Daily Low targeting 15min Strong Support at 161.150 leaving Runners to Daily / 1h Strong Support at 160.690.
– Strong data report on  Retail Sales for the UK Economy forecasting -0.2% / Previous: -0.1% as high cost of living is hitting the Retail Sales due to high inflation (Currently at 10.1%), Data to be released 1h before London Session opens.