USD/JPY after FOMC?

Scott Barkley ProAct Traders

Waiting: Currently we are 108.19 in a channel in a Big Range. Two scenarios:1: Bullish: a move to the ATR target @ 108.60 and possible stronger move to the 109.00 area. 2: Bearish: A break down here to the ATR target of 107.67 and most likely to the 0.214 Fibo @ 107.52 area. The average daily true range (ATR) for the pair currently is 48 pips but its 180 day ATR is 58 pips.

Author

Scott Barkley

ProAct Traders

Scott Barkley is the President of ProAct Traders LLC located in Round Rock, Texas. Scott graduated from the institute For Latin American Studies in Cuernavaca, Mexico.

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