STERLING_PIPS

GBP/JPY Weekly Forecast

FX:GBPJPY   Paun British / Yen Jepun
Currently, we are at 145.43 in a range. If we can break this 0.214 Fibonacci support, we are looking for a continuation initially to the ATR target at 144.74 and then to the range bottom at 143.91. The average daily true range (ATR) for the pair currently is 76 pips but its 90-day ATR is 139 pips a day. However we are still in the descending triangle, so it looks very likely that we are going to continue to bounce back and forth. In fact, I think that’s impossible until we get some type of Brexit announcement or solution.
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