Target Trading: Are USD/JPY Bulls Back?
Scott Barkley | Jul 26, 2014 12:37PM ET
EUR/USD
What ProAct Forex Target Traders See: We are currently sitting at 1.3432. The pair is in a nice channel inside the downtrend. We are looking for continuation to the S6 at 1.3354 and a corrective bounce there for a continuation to 1.3110. The average daily true range (ATR) for the pair currently is 40 pips.
USD/JPY
What ProAct Forex Target Traders See: We are currently at 101.84. We are still in a range and the failure of the descending wedge break could mean the bulls are back. If so look for the R4 at 103.09 as the target. A break down targets the 0.618 Fibo at 99.83. The average daily true range (ATR) for the pair currently is ONLY 27 pips.
GBP/USD
What ProAct Forex Target Traders See: Cable is currently sitting at 1.6977. We are still making new highs but reacted nicely at the 0.618 Fibo ( which ultimately may be a right shoulder of a head and shoulders reversal). Look for the continuation to the R9 at 1.7394. The average daily true range (ATR) for the pair currently is 57 pips.
AUD/USD: A great smooth currency for Newbie’s!
What ProAct Forex Target Traders See: Aussie is at 0.9396 and attempting a trend breakout after a head & shoulders reversal pattern. IF it continues look to break the neckline and then go to the former R6 target at the 0.382 Fibo and then the 0500 Fibo at 0.9198 which is a support area. The average daily true range (ATR) for the pair currently is 46 pips.
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