GBP/JPY Reversal is full swing

Note: ISM Manufacturing PMI today

Bearish: We are currently @ 163.35 after making the turn in a range.  We are looking for continuation to the 1.000 Fibo/ATR target @ 162.00 area and then the 0.500 Fibo @ 161.37. We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 166 pips and it’s 180 day average is 180 pips per day. USDX is currently threatening down but at a significant bounce point.