We are currently at 1.2932 in a nice channel. We are poised for a breakout in GBP/JPY, although we could have one more move to the day chart bottom at 134.95. We are looking for a continuation to the ATR target at 137.00 if we get the Breakout. COT reports major longs on all GBP pairs. Watch the USDX for direction. The ATR for the pair currently is 150 pips per day.