EUR/JPY – looks good to the range bottom

Bearish: We are currently @ 157.27 in a channel in a range. We have convergence for the downside move. We are looking for a continuation to the ATR Target @ 156.66 with the further target for today the range bottom @156.50. Watch the USDX for direction. The average daily true range (ATR) for the pair is 102 pips per day and it’s 90 day average is 121 pips per day. USDX is currently moving up.