Based on my analysis, I think GBPJPY currency pair may likely experience a bullish rally, moving from its current price of 161.1316 to the bearish 4-hour market zone located above. The underlying reasoning behind this prediction is that price action has demonstrated a clear rejection of the internal demand zone, leading to the likelihood of further upward momentum in the form of a break through two subsequent supply zones. The continued weakness of the Japanese yen basket further supports this projection.
As such, my price objective for this forecast is set at 162.00, indicating a bullish bias for the GBPJPY currency pair over the near-term future.