GBP/JPY: 2 Scenarios to Trade the Pair

2025.01.14 11:52

Forex Strategy for  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.

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