Bearish: GBP/JPY is currently at 155.85 after the pullback in a range and a channel. We are looking for a continuation to the ATR target at 158.81 area with a further target at 0.618 Fibo at 158.50.
We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 189 pips, and its 180-day average is 204 pips per day. USDX is currently moving sideways.
