GBP/JPY is currently at 138.26 in a 5th wave.
Bullish: A move to the ATR Target at 139.44 and a continuation later to the % 6 at 140.52.
Bearish: A break down here would tell us this is a bear flag to start a C wave to the Trend wall and then get bullish there. Watch the USDX for direction. The ATR for the pair currently is 138 pips per day.