EUR/JPY – topping out

Note: FOMC minutes later today

Bearish:  We are currently @ 145.84 in a range in a breakout.   We are looking for a continuation to the 0.618 Fibo @ 144.97 with a further target the ATR target @ 144.34.  We have the start of convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 163 pips per day and it’s 180 day average is 155  pips per day. USDX is currently moving down.