glennmercer

USDJPY Forecast: Gartley to 2618 to V (Elliott Wave)

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             has completed a bearish Gartley pattern in a corrective wave structure. The flat correction may be treated like a double bottom so that a long trade can be entered at the . 618 retracement of CD, a common Gartley target. The 1.618 extension target for the 2618 trade coincides nicely with previous wave 4 resistance and serves as a nice TP zone. A short trade may be taken in the S/R zone to follow through with wave ((5))/III. SL for short is placed above wave I peak as any overlap will invalidate wave structure. Target is placed at 1.382((1))=((5)) and above previous fourth wave support. Long trade yields a R/R of about 3, where as the short trade provides a 4.22 R/R.
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