GBP/JPY– Pullback done, let’s go

Note: Unemployment claims was positive

Bearish: We are currently @ 155.85 after the pullback in a range and a channel.  We are looking for continuation to the ATR target @ 158.81 area with a further target at the 0.618 Fibo @ 158.50. We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 189 pips and it’s 180 day average is 204 pips per day. USDX is currently moving sideways.