GBP/JPY working the channel
Bullish: We are currently @ 163.41 in a channel in a range. IF we break this minor resistance, we are looking for continuation to the 1.000 Fibo @ 1164.07 area and then the ATR target @ 1164.80. We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 161 pips and it’s 180 day average is 174 pips per day. USDX is currently threatening down but is most likely a corrective move.