USD/JPY Bearish Gartley & Potential Bullish AB=CD Formation
USD/JPY Bearish Gartley & Potential Bullish AB=CD Formation
It looks like the USD/JPY pair could extend it's recent gains
even further if price holds at the 106.030 level and continues
a bullish direction.
At the 61.8% Fibo retracement level is also the intersection
of the two trend lines as depicted. Typically after price
breaks a support or resistance trend line I look where the two
intersect; if price holds at the trend line intersection then
the breakout can be deemed valid - at least for me.
The resulting AB=CD pattern targets 108.076 which would
result in breaking the 200SMA above and a medium term
bullish trend would occur.
Look to enter a long trade once price closes above
106.271 (50% Fib retracement level).
Trade
Entry: Close above 106.271
S/L: 105.375
T/P: 108.076
Overall I believe the main trend is still bearish - which I
will show in the next analysis - but for the mean time a
bullish run could be in the making
Also, keep an eye on the S&P500 as this pair correlates quite well with it.
Happy trading
It looks like the USD/JPY pair could extend it's recent gains
even further if price holds at the 106.030 level and continues
a bullish direction.
At the 61.8% Fibo retracement level is also the intersection
of the two trend lines as depicted. Typically after price
breaks a support or resistance trend line I look where the two
intersect; if price holds at the trend line intersection then
the breakout can be deemed valid - at least for me.
The resulting AB=CD pattern targets 108.076 which would
result in breaking the 200SMA above and a medium term
bullish trend would occur.
Look to enter a long trade once price closes above
106.271 (50% Fib retracement level).
Trade
Entry: Close above 106.271
S/L: 105.375
T/P: 108.076
Overall I believe the main trend is still bearish - which I
will show in the next analysis - but for the mean time a
bullish run could be in the making
Also, keep an eye on the S&P500 as this pair correlates quite well with it.
Happy trading