USD/JPY Early Bearish Gartley Pattern Projection
Depicted in this analysis is a bearish trend continuation for
the USD/JPY pair. Look for a re-test of 106.265 to 106.210
which is where the 55 SMA is currently at.
If price reverses from that zone, namely 106.265 to 106.210, look
for a long trade up to 107.338, which would be a re-test of the
low of 09.2017, thus, if price is rejected at that level look
to short this pair.
The target from 107.338 would be 104.681 which is the
length of leg X to A - this is if price were to adhere to the
exact model of the projected bearish Gartley pattern.
Nonetheless, this would bring price to the 78.6% Fibo
retracement level measured from 101.190 to 118.662.
From there the trend may well reverse into a bullish
direction again.
I would still recommend scaling out your profits should this
pattern materialize, and the three short trades depicted
are all 2:1 RvR ratios.
I only see this market going bullish at the moment if price
closed above the 200 SMA above, which currently is below
the 61.8% Fibo retracement of 101.190 to 118.662.
Again, this is only a premature projection of price action
and should NOT be traded until confirmation exists.
Happy trading
Depicted in this analysis is a bearish trend continuation for
the USD/JPY pair. Look for a re-test of 106.265 to 106.210
which is where the 55 SMA is currently at.
If price reverses from that zone, namely 106.265 to 106.210, look
for a long trade up to 107.338, which would be a re-test of the
low of 09.2017, thus, if price is rejected at that level look
to short this pair.
The target from 107.338 would be 104.681 which is the
length of leg X to A - this is if price were to adhere to the
exact model of the projected bearish Gartley pattern.
Nonetheless, this would bring price to the 78.6% Fibo
retracement level measured from 101.190 to 118.662.
From there the trend may well reverse into a bullish
direction again.
I would still recommend scaling out your profits should this
pattern materialize, and the three short trades depicted
are all 2:1 RvR ratios.
I only see this market going bullish at the moment if price
closed above the 200 SMA above, which currently is below
the 61.8% Fibo retracement of 101.190 to 118.662.
Again, this is only a premature projection of price action
and should NOT be traded until confirmation exists.
Happy trading