GBP/JPY: Flag Says Up
Scott Barkley | Dec 15, 2022 08:50AM ET
Bullish: GBP/JPY is currently at 168.20 in a flag pattern and a channel. If we can break resistance here, we are looking for a continuation to the 4.236 Fibo at 169.44 with the overall target of the ATR at 170.08.
We have convergence on the hourly. The target down is 166.78 if it reverses. Watch the USDX for any change in direction. The ATR for the pair currently is 174 pips per day, and its 180-day average is 192 pips per day. USDX is currently threatening to go down.
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