Bullish: GBP/JPY is currently at 163.41 in a channel in a range. If we break this minor resistance, we are looking for a continuation to the 1.000 Fibo at the 1164.07 area and then the ATR target at 1164.80.
We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 161 pips, and its 180-day average is 174 pips per day. USDX is currently threatening down but is most likely a corrective move.
