Forex Strategies Bearish: GBP/JPY is currently @ 195.64 in the top of a range. We are just breaking out of a rising wedge. We have divergence in play for the down move. We are looking for the continuation to the ATR target @ 194.61. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 199 pips and it 90 day average is 221 pips.