Bullish: USD/JPY is currently at 4.06 in a channel. We are looking for a continuation to the ATR target at 134.78 area and then the weekly ATR target of 135.55.
We have convergence in play for the up move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 159 pips, and its 180-day average is 172 pips per day. USDX is currently threatening up.
