GBP/JPY –Keeps the channel going

May 03, 2023

Note: ADP this AM- FOMC this PM

Bearish:  We are currently @ 169.41 in a channel.   We are looking for a continuation to the 1.000 Fibo @ 168.80 with a further target the S5/ATR target @ 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.