GBPJPY Technical Analysis 03.01.2023 1h chart

– Overall the December Monthly candle closed strong Bearish at 158.400 closing below Monthly Support held on October 2022 at 161.300.
– Buys on close above 157.730 targeting 15min Resistance at 158.010, Leaving Runners to the 15min previous Support formed on 30th December 2022 at 158.220.
– Sells on close below 157.280 targeting 4h previous Resistance formed on 28th September 2022 at 156.930, Leaving Runners to the 1h Support at 156.690.
– New Monthly candle opened, broke December Low on the 1st trading day and haven’t formed top wick yet, there is a higher probability for price to form Daily Support and retrace on the higher timeframe to retest the Daily Support formed on 23rd December 2022 at 159.270 forming the new Monthly candle top wick.