Bearish: GBP/JPY currently at 169.41 in a channel. We are looking for a continuation to the 1.000 Fibo at 168.80 with a further target, the S5/ATR target at 1168.59 area.
Watch the USDX for direction. The average daily true range (ATR) for the pair is 161 pips per day and it’s 180 day average is 188 pips per day. USDX is currently moving down.
