USD/JPY –Range breakout
Note: CB Consumer confidence this AM
Bearish: We are currently @ 124.01 in a range and a breakout of slope support. IF we can break this range bottom, we are looking for a continuation to the ATR target @ 133.07 with a further target the 2.618 Fibo @ 132.47 area. Watch the USDX for direction. The average daily true range (ATR) for the pair is 115 pips per day and it’s 180 day average is 136 pips per day. USDX is currently moving up but most likely in a pullback.