GBP/JPY – 3rd wave starting

Bearish: We are currently @ 187.91 in the top of the range with a 1-2 wave in place. We are looking for a 3rd wave continuation to the ATR target @ 187.05 with the further target for today the 1.618 Fibo @ 186.70 area. We have convergence in play. Watch the USDX for direction. The average daily true range (ATR) for the pair is 139 pips per day and it’s 90 day average is 146 pips per day. USDX is currently moving down but near a bounce point.