GBP/JPY –Falling wedge bounce might be in store
Bullish: We are currently @ 182.89 in a falling wedge in a range. We have divergence for the upside move. If we get the bounce and breakout, we are looking for a continuation to the ATR Target @ 184.12. (Lots of convergence there) with the further target for today the 1.270 Fibo @184.50. Watch the USDX for direction. The average daily true range (ATR) for the pair is 141 pips per day and it’s 90 day average is 152 pips per day. USDX is currently moving sideways near a top.