GBPJPY Technical Analysis 2nd September 2024 1h chart
– August Monthly candle closed weak Bearish at 191.860 leaving a Huge Rejection to the downside as price tapped into Monthly Support formed in December 2023. Previous Weekly candle closed small Bullish forming Weekly Support at 190.500, Friday Daily candle closed Bullish within recent Daily Resistance. I’ll be looking for potential Buys above 192.020 targeting Hourly Previous Resistance formed on 1st August 2024 at 192.480 Leaving Runners to the 30min Resistance formed on 1st August 2024 around 192.920. I’ll be looking for potential Sells Below 191.640 targeting 4h previous Resistance formed on 29th August 2024 around 191.200 Leaving Runners to the Daily Support formed at 190.700. As Monthly closed with a huge Rejection to the downside there is now a good probability for price to retest July Monthly Resistance but ideally is to allow the Monthly to form Bottom Wick first.