USD/JPY – Out of the pennant
Bullish: We are currently @ 144.38 after breaking out of the pennant. IF we can break resistance here (1.618 Fibo), we are looking for a continuation to the 2.618 Fibo @ 145.05 with the overall target today the ATR target @ 1145.18. Watch the USDX for direction. The average daily true range (ATR) for the pair is 116 pips per day and it’s 90 day average is 133 pips per day. USDX is currently moving up.