Bullish: GBP/JPY is currently at 160.49 after testing the resistance to the upside. We are looking for a bounce here to continue to the ATR target of 161.86 with a further target of 162.22.
We have divergence, so this may be the last run before the pullback. Watch the USDX for directions. The average daily true range (ATR) for the pair is 233 pips, and its 180-day average is 223 pips per day. USDX is currently down.
