Forex Opinion & Analysis

GBP/JPY Begins Wave Three; More Downside Likely

GBP/JPY is currently at 165.99 after a second corrective wave. We have convergence to the downside. We are looking for a continuation towards the ATR target at the 163.45 area and then the S6 at the 161.86 level.

Watch the DXY for any change in direction. The ATR for the pair currently is 240 pips per day, and its 180-day average is 205 pips per day. DXY is currently threatening up at the time of this post.GBP/JPY 4-hour chart technical analysis.


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