GBPJPY Technical Analysis 06.06.2022 1h chart

– Previous Weekly candle closed strong Bullish breaking the last 4 Weekly candle highs but on the Daily the Friday candle has closed weak Bullish leaving rejection wick at the same price as where the Daily candles from (28.04.2022 –  06.05.2022 ) failed to push through. Also Daily has closed above the recent Daily resistance formed at the beginning of May. so looking at the HTF I think we need another Daily candle printing on the chart to see if the price will close back below the broken Daily Resistance or close above it to determine the move for the rest of the week, Personally, I want this Weekly candle retracing to around 162.200 to form bottom wick and grab liquidity of the previous Weekly Highs to then flip Bullish and break through the Monthly Resistance formed on May 2022.
– And if we get deeper pullback to the downside and respect 161.550 (Previous Daily Resistance) then flip Bullish is even better because the previous Monthly candle closing Weak Bearish with huge rejection wick to the downside meaning there is higher probability for the current monthly candle to push through Resistance at 163.800 pushing even further to 167 level which is the previous Daily Resistance, This price prediction purely based on Technicals aligned with HTF on the chart.
– Also next week on Thursday 16.06.2022 we have review of the interest rates from the Bank Of England Governor Andrew Bailey with the member of the policy committee , and with the Inflation remains at Risk (currently 9%, Target :2%) the probability of rate hike is very likely to happen so the Bullish move could possibly get priced in from this week leading to next week.