GBPJPY-Should Continue The Channel

Bearish:  We are currently @ 169.21 in a channel (and 3rd wave). We are looking for a move to the 1.000 Fibo @ 168.28 with a further target the ATR target @ 167.56.  We have convergence on the hourly.  Target up is 170.57 if it reverses. Watch the USDX for any change in direction. The ATR for the pair currently is 264 pips per day and its 180 day average is 225 pips per day. USDX is currently down.  FOMC today so might not move until after that.

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