EUR/JPY: Two Scenarios

EUR/JPY
-0.11%

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It’s election day in the US, and EUR/JPY 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 USDX 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.

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