Possible Bearish Gartley Pattern
Completion at around 118.5
Confluence is not great with the 1.618 BC retracement
But the Pattern Completion does match a level of structure (green)
Currently price is still hanging around previous support (current resistance, red), which can be set as an initial target in case the currency decides to bounce of this level as support after reaching the Pattern Completion.
Furthermore, RSI(14) has been neutral since the A leg. But we do see that the RSI(14) has been showing an ascending triangle (red dotted trend lines). Going along with the whole idea of going short on USDJPY, I will wait for the currency to enter the PRZ (in purple) and look for confirmation from the RSI.
Trade wisely and responsibly.
Completion at around 118.5
Confluence is not great with the 1.618 BC retracement
But the Pattern Completion does match a level of structure (green)
Currently price is still hanging around previous support (current resistance, red), which can be set as an initial target in case the currency decides to bounce of this level as support after reaching the Pattern Completion.
Furthermore, RSI(14) has been neutral since the A leg. But we do see that the RSI(14) has been showing an ascending triangle (red dotted trend lines). Going along with the whole idea of going short on USDJPY, I will wait for the currency to enter the PRZ (in purple) and look for confirmation from the RSI.
Trade wisely and responsibly.
