USD/JPY – Makes the turn

Bearish: We are currently @ 132.94 in a range and the top looks like it is in.  IF we can break this support, we are looking for a continuation to the 1.000 Fibo @ 132.12 with a further target the ATR target @ 131.84. 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 131 pips per day and it’s 180 day average is 149 pips per day. USDX is currently moving down.