USD/JPY: 3rd Wave Underway
USD/JPY
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Currently, the USD/JPY pair is at 139.83 and appears to be starting its third wave. The MACD is indicating an upward trend. If resistance is broken, then it is possible that we will see a continuation to the ATR at 140.83. The overall goal is to reach 1.618 Fibo at 141.19. To determine the direction, it is important to keep an eye on the USDX. On average, this pair has a daily true range (ATR) of 132 pips per day, with a 90-day average of 128 pips per day. As of now, the USDX is on the rise.
USDJPY – 3rd wave underway
