J_Graystone
Short

USDJPY Shorting Opportunity

FX:USDJPY   U.S. Dollar/Japanese Yen
744 6 20
Looking at this Deep Gartley Pattern Completion up at 114.76.
If we can get completion, this pattern will offer great risk reward .
Stops will need to go above X but we have previous structure and an even handle number for protection as well.
Looking for traditional targets at the 382 and the 618

We can see there is also bearish divergence on the RSI as well


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Good NFP numbers might give us an entry here after all
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Took me a little time to figure this one out, as per the 'standard' rules to a gartley (and i say standard as everyone should have their own trading style & plan) the CD leg is meant to be a .786 retracement of lag XA i believe?

But i seem to be seeing that you seem to be using the 1.27 extension of the AB leg as entry, is that correct?
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Forsureex Forsureex
Ah i think i seem to have answered my own question, the .786 would only count for the 'perfect' 61.8% retrace pattern and not allow for deviation!
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Good analysis. But crude is UP.SPY is UP So how yen pairs can go south ?
+1 Reply
Sorry, I don't trade fundamentals. Purely technical. Thanks for checking my idea.
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Because Japan is still in a total haze in a longer term view: growth is disappointing, real lack of inflation, BOJ has limited options to weaken its currency despite the whole set of measures taken through Abenomics policy, including the negative rates.
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