Bullish: GBP/JPY is currently at 161.52 in a channel. We are looking for a continuation to the ATR targets at the 162.54 area and then the weekly ATR/1.000 Fibo target at 162.98. We have convergence in play for the up move but hint at divergence.
Could have a sell-off quick at the target. Watch the USDX for direction. The average daily true range (ATR) for the pair is 178 pips and its 180-day average is 198 pips per day. USDX is currently threatening down.
