GBP/JPY: Pair Could Break Support
Scott Barkley | Oct 04, 2022 08:42AM ET
Bearish: GBP/JPY is currently at 164.60 and in a rising wedge (bearish) at the top. We have divergence for the down move. We are waiting for a double top, and if we can break the day chart Resistance (now support), we are looking for the start of a move to the ATR target) at 160.42.
Watch the USDX for any change in direction. The ATR for the pair currently is 323 pips per day and its 180-day average is 290 pips per day. USDX is currently attempting to go down.
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