USD/JPY Bearish View Towards Fibo
Scott Barkley | Feb 16, 2018 04:08PM ET
Note: USDX reversed and now has convergence to the upside which affects the major currencies.
EUR/USD
What ProAct Target Traders See: Bearish: We are currently sitting at 1.2416 in a sideways move after a reversal of the USDX. We are looking for some consolidation before a continuation to the 0.786 Fibo at 1.2273 and an overall target of 1.2201. The average daily true range (ATR) for the pair currently is 108 pips.
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USD/JPY
What ProAct Target Traders See: Bullish: We are currently at 106.32 at the end of a trend. We could have one more move to the bottom before a bounce. We are looking for a initial move to the 0.618 Fibo at 108.56. Overall, if the USDX is moving up we could get to the top at 111.50. The average daily true range (ATR) for the pair currently is 100 pips.
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GBP/USD
What ProAct Target Traders See: Bearish: Cable is currently sitting at 1.4021 in a sideways move. We are looking for a continuation with a target down to the Day chart channel at 1.3765 (watch for a bounce there) and overall target at 1.3449. The average daily true range (ATR) for the pair is 156 pips.
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AUD/USD – A great smooth currency for Newbie’s!
What ProAct Forex Traders See: Bearish: Aussie is at 0.7907 in a channel in a range. We expect a continuation to the 0.786 Fiboat 0.7637 area and then a move to the bottom at 0.7499. The average daily true range (ATR) for the pair currently is 81 pips.
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