GBP/JPY Should Continue The Channel

 | Nov 02, 2022 08:47AM ET

h2 Bearish:

GBP/JPY is  currently at 169.21 in a channel (and 3rd wave). We are looking for a move to the 1.000 Fibo at 168.28 with a further target the ATR target at 167.56. We have convergence on the hourly. Target up is 170.57 if it reverses. Watch the USDX for any change in direction. The ATR for the pair currently is 264 pips per day and its 180 day average is 225 pips per day. USDX is currently down. FOMC today so might not move until after that.