selfrighteousgambler
Short

EURJPY POTENTIAL GARTLEY AND SHORT @ ~134.900

FX:EURJPY   Euro Fx/Japanese Yen
EURJPY             has been fairly predictable thus far but its latest down move has thrown two possible moves into play.

Refer to my EURJPY             short @ ~134.500 to see what I mean.

The down move isn't as strong as I'd like it to be. So I believe there could be a final reversal back up to ~134.900 which would complete a Gartley . Of course, it is a bit early to suggest that this will occur.

The Gartley is a . 618 retracement followed by a . 786 retracement . There is then a push to the 1.27 extension of the major trend (trend within a trend).

If price rallies to the ~134.900 area, consider a short from the supply zone indicated (red dashed lines).

A 20-pip risk is probably wise here. The reward is a profit target of 133.000 for 190 pips. You may have to hold the trade for a while but it could be worth it.

This is obviously just a possibility. The original EURJPY             analysis is still in play right now from ~134.500.

The demand zone @ ~134.040 has been penetrated already so it is more like that it'll be broken soon.

If the Gartley does form, it provides a third chance for traders to get in on the down trend if they missed the original drop out of the triangle or the test of the resistance area .

EURJPY             looks headed to 130.000 again but it is taking its sweet time. Stay tuned.
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