GBP/JPY – continues in the 5th wave

May 17, 2023

Bullish: We are currently @ 170.76 in a channel and trying to continue the 5th wave.  We are looking for a continuation to the ATR target @ 171.90 with a further target the 1.000 Fibo @ 172.19 area. Watch the USDX for direction. The average daily true range (ATR) for the pair is 171 pips per day and it’s 180 day average is 173 pips per day. USDX is currently moving up.