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EUR/JPY: Two Scenarios

Published 11/08/2022, 08:55 AM
Updated 10/05/2023, 10:02 PM
EUR/JPY
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It's election day in the US, and EUR/JPY is currently at 146.34 and in a channel. Two scenarios of how this could play out:

  • Bullish: A bounce here look for a move to the ATR target at the 148.67 area.
  • Bearish: A breakdown here would set up a move to the 1.618 Fibo at 145.00. Watch the USDX for any change in direction.

The ATR for the pair currently is 176 pips per day, and its 180-day average is 163 pips per day. USDX is currently down.

EUR/JPY price chart.

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