Bullish
USD/JPY is currently at 122.99, trading in a channel after consolidation. We are looking for an initial move to the ATR Target at the 124.15 area and then the R7 at 124.52.
Watch the USDX for any change in direction. The ATR for the pair currently is 134 pips per day and its 180 day average is 112 pips per day. USDX is currently up at the time of this post.
