The USD/JPY currency pair is currently at 142.17 and is trading within a channel range. If the slope support is broken, we can expect to see a continuation to the 1.000 Fibo level at 140.98, with the overall target being the ATR target at 140.06.
However, for this to happen, the USDX must finish its corrective move and decrease. It is important to keep an eye on the USDX for direction. The average daily true range (ATR) for the pair is 169 pips per day, with a 90-day average of 129 pips per day. Currently, the USDX is moving up.
