AUD/JPY's Triangle breakout
Scott Barkley | Feb 06, 2023 08:41AM ET
Bullish: AUD/JPY is currently at 91.34 in a range and a Triangle. If we can break the triangle, we are looking for a continuation to the ATR target at 92.40 area with a further target the 1.618 Fibo at 92.49.
We have convergence in play for continuation, but the AJ typically is correlated against the dollar. Watch the USDX for direction. The average daily true range (ATR) for the pair is 121 pips and its 180-day average is 119 pips per day. USDX is currently threatening UP.
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