Bearish
GBP/JPY is currently at 161.48, trading in a channel that could possibly be forming a trend.
We are looking for an initial move to the ATR Target at the 160.32 area and then support at 159.87.
Watch the USDX for any change in direction. The ATR for the pair currently is 179 pips per day and its 180 day average is 161 pips per day.
USDX is in a downtrend at the time of this post.
