Bearish: We are currently @ 160.99 after putting in a 5 wave pattern up. WE have a rising wedge which is bearish. If we can get break here, we are looking for a continuation to the ATR target @ 160.03 with the further target the 0.786 Fibo @ 159.00 area. Watch the USDX for direction. The average daily true range (ATR) for the pair is 132 pips per day and it’s 90 day average is 127 pips per day. USDX is up.
EUR/JPY: Reversal Time?
