Bearish: GBP/JPY is currently at 166.51 in a range. If we can break the support here, we are looking for a continuation to the ATR target at 164.92 with a further target the Day chant bottom 164.00 area.
We have convergence on the hourly. The target up is 167.79 if it reverses. Watch the USDX for any change in direction. The ATR for the pair currently is 162 pips per day, and its 180-day average is 195 pips per day. USDX is currently threatening to go down.
