Forex Opinion & Analysis

GBP/JPY: 3rd Wave Likely

  GBP/JPY -0.15% Add to/Remove from Watchlist Add to Watchlist Add Position

Position added successfully to:

Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close DX -0.12% Add to/Remove from Watchlist Add to Watchlist Add Position

Position added successfully to:

Please name your holdings portfolio Type: BUY SELL Date:   Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission:   Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close

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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