EUR\/JPY –Poised to Fall

Forex Strategy Bearish: We are currently @ 177.48 in the top of a range. We have convergence in play and a rising wedge for the continuation down. With the break of slope support here, we are looking for a continuation to the 0.786 Fibo @ 176.73 area with the overall target to fill the gap. USDX is currently UP – if it flips this probably won’t happen. Watch the USDX for direction. The average daily true range (ATR) for the pair currently is 103 pips per day and it’s 90-day average is 108 pips per day.

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