Bearish: We are currently @165.83 in the top of the range with a triple top in play for the USD/JPY. If we can break the slope support, we are looking for a continuation to the ATR target @ 165.13 and then further movement to the 1.000 Fibo @ 164.89. Divergence is in play.
Watch the US Dollar Index for direction. The average daily true range (ATR) for the pair currently is 109 pips and it’s 90 day average is 171 pips.