Bullish to Bearish: Forex Strategies: Currently, USD/JPY is at 144.73 in a range. We are in a channel and are looking for a continuation to the 1.00 Fibo at 145.42 and then the ATR Target of 146.00 area. We anticipate a bearish reaction there.
Watch the USDX for direction, as it could negate all of this. The average daily true range (ATR) for the pair is 188 pips per day, and its 90-day average is 160 pips per day.
My forex analysis says USDX is currently up.