POTENTIONAL BULLISH GARTLEY AND H&S PATTERN ON USDJPY
As we can see we have a lot on USDJPY daily timeframe to watch out.
The Trump trade as people like to call it due to it's sensitivity to political facts,as people tend to dump US dollar and buy Japanese Yien in times of crisis and turbulence as safe haven asset and vice versa.
So let's get to the point:
TECHNICALLY
As we notice price is trying to establish the 200EMA which became flat recently.
As we can also see at the chart we might form a bullish Gartley pattern on the daily chart but we have also a possible Head and Shoulders fromation.
So we have 2 scenarios:
1)First scenario the price can move upwards to test the neck line of the Head and Shoulders formation and if will break it test the A point around red area before we see a retrace to T2 of the Gartley's pattern and 61,8% Fib retracement of the current move up.
2)Second scenario the price will move to the D completion point (green area) where the trade will be activate with targets T1 and T2.
POSSIBLE TRADE
FIRST TARGET T1 AT 105,500
SECOND TARGET AT T2 106,300
STOP LOSS AT 102,600
THANKS FOR SUPPORT
HAPPY TRADING TO ALL!
The Trump trade as people like to call it due to it's sensitivity to political facts,as people tend to dump US dollar and buy Japanese Yien in times of crisis and turbulence as safe haven asset and vice versa.
So let's get to the point:
TECHNICALLY
As we notice price is trying to establish the 200EMA which became flat recently.
As we can also see at the chart we might form a bullish Gartley pattern on the daily chart but we have also a possible Head and Shoulders fromation.
So we have 2 scenarios:
1)First scenario the price can move upwards to test the neck line of the Head and Shoulders formation and if will break it test the A point around red area before we see a retrace to T2 of the Gartley's pattern and 61,8% Fib retracement of the current move up.
2)Second scenario the price will move to the D completion point (green area) where the trade will be activate with targets T1 and T2.
POSSIBLE TRADE
FIRST TARGET T1 AT 105,500
SECOND TARGET AT T2 106,300
STOP LOSS AT 102,600
THANKS FOR SUPPORT
HAPPY TRADING TO ALL!
Comment:
i believe we have a small pause after we retrace all the way to the next resistance on the chart at 108.300 area.No good P/L ratio to place a good trade at these levels.
Comment:
Still in progress this set-up..
Trade active:
Price soon heading for a reversal at the h&s neck line.
Trade active
