GBP/JPY – Breakout should continue
Bearish: We are currently @ 165.48 in a range in a breakout. We are looking for a continuation to the 0.500 Fibo @ 164.60 with a further target the ATR target @ 163.63. We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 180 pips per day and it’s 180 day average is 183 pips per day. USDX is currently moving down.