AUD/JPY – New channel opportunity

Note: FOMC is today!

Bearish:  We are currently @ 96.33 after a breakout of the former bullish channel  We are looking for a continuation to the ATR Target @ 95.59 with the overall target today the 4.236 Fibo  @ 95.44.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 105 pips per day and it’s 90 day average is 103 pips per day. USDX is currently moving up.