Forex Strategy for GBP/JPY is Bearish: We are currently at191.60 in a channel in a range. Scenario #2: We are looking for a slight pullback and then a continuation of a 5th wave to the ATR target at 189.75 area, with the overall target the Day chart bottom at 189.36.
Scenario #2: This is a B wave for a bounce to start a movement up to the 194.81 area. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 191 pips per day and its 90-day average is 208 pips per day.