GBPJPY Technical Analysis 19.05.2023 1h chart

– Previous Daily candle closed small Bullish at 172.050 as the 4h timeframe has been consolidating during the Thursday trading session.
– Buys on close above 172.330 targeting Weekly Resistance formed on 1st February 2016 at 172.900, Leaving Runners to the 4h Resistance formed on 3rd February 2016 at 173.300.
– Sells on close below 171.770 targeting 4h Support at 171.340, Leaving Runners to the 30min Support formed at 171.030.
– Friday Daily candle could possibly wick up then reject pulling back closing Bearish to form Resistance, Idea based on the recent Daily candle and 4h consolidation zone.