Bearish: We are currently @ 162.94 in the top of a channel in a range. The head and shoulders pattern is almost finished and suggests a move to the downside. IF we can finish the right shoulder here, we are looking to continue to the ATR target @ 162.66 with a further target the S3 @ 162.23 area. Watch the USDX for direction. The average daily true range (ATR) for the pair is 76 pips per day and it’s 90 day average is 122 pips per day. USDX is down.
EUR/JPY: Head and Shoulders Pattern Forms - Time to Go Short?
