EUR/JPY: Breakout Next?

Note: FOMC Minutes today

Bearish: Forex Strategies: Currently, EUR/JPY is at 162.21, waiting for the slope support breakout. We are looking for a continuation to the ATR target at 160.32 and then the S5 at 160.00.

Watch the USDX for direction, as it could negate all of this. The average daily true range (ATR) for the pair is 236 pips per day, and its 90-day average is 158 pips per day.

My forex analysis says USDX is currently down.

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