EUR/JPY – Rising wedge breakout

Bearish: We are currently @ 163.88 in a range with a rising wedge breakout. We are looking for a continuation to the ATR target @ 163.15 with the further target for today the 0.618 Fibo @ 162.82 area. We have divergence in play. Watch the USDX for direction. The average daily true range (ATR) for the pair is 110 pips per day and it’s 90 day average is 121 pips per day. USDX is currently threatening a corrective move up.