The GBP/JPY might be a good mover today and this week due to its high ATR range which shows 163 average in last 14 days. The ATR is the tool that shows not just the range but the actual volatility of a given pair. The GBP/JPY aka “The Dragon” is currently in downtrend and the first POC comes within 141.00-20 zone (historical double bottom, H4,50.0, ATR pivot). In the case of further retracement up the pair might hit POC2 141.60-80 (historical master candle breakout, 61.8, ATR top) and reject. Targets are 140.50 and 139.30. If the pair makes a clear 1h momentum break of 4h close below 139.30 then 138.78 is next. Due to US holiday, Monday can be a bit slower than usual but volatility should resume later when Tokyo session kicks in.
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets