GBP/JPY – 3rd wave continuation

Note: Gov Bailey speaks today!

Bearish:  We are currently @ 181.78. We are looking for a continuation to the ATR Target @ 181.00 with the overall target the 1.618 Fibo  @ 180.17.  Should see a bounce there for a corrective 4th wave. 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 162 pips per day. USDX is currently moving up.