Bearish: USD/JPY is currently at 128.21 in a range and a breakout of the Triangle. We are looking for a continuation to the 1.000 Fibo at 127.44 area with a further target of the ATR at 1127.25.
We have convergence in play for continuation but watch for the bounce at the range bottom. Watch the USDX for direction. The average daily true range (ATR) for the pair is 166 pips and its 180-day average is 161 pips per day. USDX is currently threatening UP.
