GBP/JPY – 5th wave on deck

Bullish: We are currently @ 185.07 in a range. We have completed 4 waves and a break of the slope resistance and we are looking for a continuation to the 0.382 Fibo @ 185.81 with the further target for today the ATR Target @ 186.45. Watch the USDX for direction. The average daily true range (ATR) for the pair is 141 pips per day and it’s 90 day average is 150 pips per day. USDX is currently threatening a move down at the channel wall.