GBPJPY-two scenarios

Bearish: We are currently @ 167.10 in a channel. We are looking for a continuation of the channel to the 1.618 Fibo/ATR Target @ 165.80 with a further target the support @ 165.00. We have convergence on the hourly. Target up is 169.00 if it reverses. Watch the USDX for any change in direction. The ATR for the pair currently is 245 pips per day and its 180 day average is 223 pips per day. USDX is currently down.