Bearish
USD/JPY, at time of writing, is currently at 134.47 after putting in a head and shoulders reversal pattern. Should the pair complete the neckline breakout, look for a continuation to the ATR target the 133.31 area, and then the 0.382 Fibo at the 1131.82 area.
Watch the USDX for any change in direction; the index was also topping out. The ATR for the pair currently is 123 pips per day and its 180 day average is 117 pips per day.
