Bullish: NZD/JPY is currently at 82.84 in a channel in a range. If we can break resistance here, we are looking for a continuation to the ATR Target/2.618 Fibo at 83.90 with a further target at 0.214 Fibo at 84.38.
We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 125 pips, and it’s 180-day average is 110 pips per day. USDX is currently moving down.
