GBPJPY: Nice Buy Opportunity at Key Support Level

In my previous GBPJPY post (pinned into the chart), I described that I was expecting the price to drop to the sliding parallel of the blue median line, but I was expecting first a small move to the upside before the down move. Price finally reached the key support sliding parallel, but without the up move, but after all the current level is what we initially wanted to take action. We now see that price as soon as it reached the parallel it reversed with a sharp move followed by a correction. The correction is over and we may now buy GBPJPY, with tp the sliding parallel of the downsloping median line set (pink parallel)

Hourly chart:

Kommentar:

Price reached the sliding parallel. The pennant pattern worked great. We should now sit back and see if price breaks above the resistance level or bounce and reverse. In each case, we need a setup completion before getting involved. I will update if anything forms