USD/JPY –range opportunity
Bearish: We are currently @ 142.17 in a channel in a range. If we can break the slope support we are looking for a continuation to the 1.000 Fibo @ 140.98 with the overall target the ATR target @ 140.06. This will require that USDX finishes it’s corrective move and goes down. Watch the USDX for direction. The average daily true range (ATR) for the pair is 169 pips per day and it’s 90 day average is 129 pips per day. USDX is currently moving up.