On the last day of the trading week, we observed a significant upward rally in GBPJPY. This development is in line with my prior analysis of the pair, wherein I anticipated/predicted a bullish move. Notably, today also presented an outstanding intraday buying opportunity. Specifically, during the Asian session, price formed a bullish bat pattern on the M15 chart. After a period of contraction, the price broke out of its range, indicating an acute surge in buying pressure. Accordingly, I waited for a retest of the H1 resistance and entered a buy trade aligned with the overall direction of the order flow, taking into consideration the support level provided by the 800EMA for price. I anticipate that the pair will fulfill my ultimate price objective by achieving 163.354.
