AUDJPY Triangle breakout

Bullish: We are currently @ 91.34 in a range and a Triangle. If we can break the triangle, we are looking for continuation to the ATR target @ 92.40 area with a further target the 1.618 Fibo @ 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 it’s 180 day average is 119 pips per day. USDX is currently threatening UP.

Posted to Introduction to Forex Targe… on Feb 06, 2023 — 8:02 AM

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