vivek_trader

USDJPY - Double Bottom Break on upside

FX:USDJPY   U.S. Dollar / Japanese Yen
47 0 1
USDJPY             has a double bottom in place, A break of the neckline(daily close) around 104.30 will open the upside for the pair. The target is the theoretical level of 108.50. I would keep a long position with initial target at 105.80 as this would complete a bearish Gartley . Will look for confirmation and signs of reversal around 105.80 to square off completely( and maybe initiate fresh shorts). If the price pierces through 105.80, then keep a trailing stop for the long. Hopefully, today's NFP will be the trigger for this action.
Comment: The gartley plays out
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