GJ has failed to close below the 5/8 line 7 times now. This makes its current price an extended retrace down from the high. It could continue down and finish the current little wave, or reverse and turn higher. Early action this coming week should make it clear.
The pair traded for about 17 days in the 1.80 range this year (including the spike into the high 1.90s). It should be easier for the pair to move back up there again. I won't short the top of the range, but wait for spikes above it.
GJ is about to reach the 50% line where it turned up before the current move down. The 50% line is also the 100% extension down from the latest move to a high (ABCD completed). We'll find out shortly which way it's going. Either a move up from the 50% line, or continuation down towards the 25% area.