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. 

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.