USD/JPY – Fractal 5th wave now in play

May 11, 2023

Bearish: We are currently @ 133.89 in a channel and in the start of a 5th wave.  We are looking for a continuation to the 1.000 Fibo @ 133.26 with a further target the ATR target @ 132.83 area. There is significant support at 133.50. Watch the USDX for direction. The average daily true range (ATR) for the pair is 129 pips per day and it’s 180 day average is 142 pips per day. USDX is currently moving down.