GBP/JPY: 3rd Wave Likely

Bearish: GBP/JPY is currently at 160.02 in a 3rd wave. With this pullback, we are looking to continue to the ATR target at the 158.62 area with a further target of 158.00.

Watch the USDX for direction. The average daily true range (ATR) for the pair is 187 pips, and it’s 180-day average is 209 pips per day. USDX is currently sideways.

GBP/JPY price chart.

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