USD/JPY – The Channel Continues

Note: CB Consumer Confidence this AM

Bearish:  We are currently @ 130.45 in a channel.  IF we can break support here, we are looking for a continuation to the ATR Target @ 129.68 with a further target at the  1.000 Fibo @ 128.40.  We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 195 pips and it’s 180 day average is 177 pips per day. USDX is currently moving down.