GBP/JPY Price Analysis: Bulls looking to pounce again at a discount

GBP/JPY bulls sit tight in anticipation of a discount.
Bulls eye a run to 162.50 for the session ahead.

Ross J Burland FXStreet

GBP/JPY is climbing in Asia as the Yen gets sold off. The bulls are sitting in the wings looking for a discount as the following illustrates.

GBP/JPY H1 charts

The W-formation is a reversion pattern and while the price is hugging the dynamic trendline support, a correction into the neckline would be expected to be met with buying force to propel the pair higher in due course woth 162.50 eyed.

GBP/JPY M5 chart

GBP/JPY bulls are lurking on the 5 min chart where prior resistance meets the combination of the 61.8% and 38.2% ratios near 162.00.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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