GBP/JPY Will Likely Continue Rising

It appears that the GBP/JPY correction will continue next week, as the pair could not break below the support at 159.00 and formed a hammer candlestick on the daily time-frame above that level. The market closes later today, but considering this candlestick next week we can likely expect a new move to the upside, towards the resistance at 164.00. The question is whether the pair will manage to break above that resistance.  If it does, the next level of resistance is at 168.00 – 169.00. On the other hand, if it bounces off the resistance it will likely return to the support at 159.00, and if it breaks below that level I think we can expect a further drop to 156.00.