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EUR/JPY: Two Scenarios

11/08/2022

Less than a minute

2022.11.08 15:46

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Scott Barkley

It’s election day in the US, and is currently at 146.34 and in a channel. Two scenarios of how this could play out:

Bullish: A bounce here look for a move to the ATR target at the 148.67 area.
Bearish: A breakdown here would set up a move to the 1.618 Fibo at 145.00. Watch the for any change in direction.

The ATR for the pair currently is 176 pips per day, and its 180-day average is 163 pips per day. USDX is currently down.

EUR/JPY price chart.