Scott Barkley
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Scott Barkley in Proact Traders,

$GBPJPY- Descending wedge?

Currently we are 132.26 in a descending wedge which is bearish for the pair.  IF we break the support, we are looking for a continuation to the 1.618 Fibo @ 131.55 and then possibly to the 2.270 Fibo @ 130.89.  The average daily true range (ATR) for the pair currently is 200 pips.