GBPJPY reversal
Bearish: We are currently @ 147.94 just breaking out of a Rising wedge which is bearish. We are looking for a move to the ATR Target @ 146.81 area. A continuation would target the 0.500 Fibo @ 146.17. Watch the USDX for any change in direction. The ATR for the pair currently is 87 pips per day.
GBPUSD reversal
Bearish: We are currently @ 1.4068 after topping out at 1.4099. The USDX has flipped and we have divergence in play for the down move. We are looking for a move to the ATR Target @ 1.3974 area. A continuation would target the square up @ 1.3880. Watch the USDX for any change in direction. The ATR for the pair currently is 86 pips per day.