GBP/JPY Breaks Out of a Wedge
Scott Barkley | Nov 17, 2022 08:50AM ET
Bearish: GBP/JPY is currently at 165.53 after the wedge breakout. If we can break support here, we are looking for a continuation to the ATR {{0|target} } at 163.90 with a further target the support at 163.49.
We have possible convergence on the hourly. If it is a flag pattern target up is 167.80 if it reverses. Watch the USDX for any change in direction. The ATR for the pair currently is 230 pips per day, and its 180-day average is 222 pips per day. USDX is currently up.
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