Bearish
At time of writing, GBP/JPY is trading at 158.61 within a channel. Should the pair break support at 158.06, we are looking for a continuation to the ATR target of 156.67, and then the S6 target at 155.73.
Watch the USDX for any change in direction; upward direction was last seen.
The ATR for the pair currently is 235 pips per day and its 180 day average is 195 pips per day.
