USDJPY Range bottom in sight

Feb 02, 2023

Bearish: We are currently @ 128.21 in a range and a breakout of the Triangle. We are looking for continuation to the 1.000 Fibo @ 127.44 area with a further target the ATR @ 1127.25. We have convergence in play for continuation but watch for the bounce at the range bottom. Watch the USDX for direction. The average daily true range (ATR) for the pair is 166 pips and it’s 180 day average is 161 pips per day. USDX is currently threatening UP.