Bullish: AUD/JPY currently at 88.37 in a channel in range. If we can break resistance here, we are looking for a continuation to the ATR Target/1.618 Fibo at 89.22 with a further target at the 1.618 Fibo at 89.78.
We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 150 pips, and it’s 180-day average is 127 pips per day. USDX is currently moving sideways.
