Bullish to Bearish: GBP/JPY is currently bearish at the time of this post. We are currently at 156.64 with a breakout of the channel.
We are looking for an initial move to the square up at 157.21 and then to the ATR target at the 157.44 area. If a corrective move occurs, a sell-off is likely there.
Watch the DXY for any change in direction. The ATR for the pair currently is 113 pips per day and its 180-day average is 119 pips per day.
