Bearish: USD/JPY is currently at 130.45 in a channel. If we can break the support here, we are looking for a continuation to the ATR range 129.68 with a further aim at 1.000 Fibo at 128.40. We have convergence in play for the move.
Watch the USDX for direction. The average daily true range (ATR) for the pair is 195 pips, and it’s 180-day average is 177 pips per day. USDX is currently moving down.
