Long term view of USD/JPY with a projected bearish
sentiment in conjunction with a projected bearish Gartley
pattern. Ever since the bearish 100 & 200SMA cross over
last August, price has been unable to close above the 114.00
level and since then has dropped well below it. Now, price
is struggling to close above the 111.00 level, and even if it
managed to close above it, there is plenty of strong resistance
till the 113.00 level where the 200SMA is at currently.
In order for the projected bearish Garltey pattern to
materialize, we would have to see price reach the
112.50/60 level and subsequently get rejected. If this
occured, price would have enough momentum to break
below the 5 year support trend line below, and from
there price could start targeting the 88.00/20 level which
is the bullish cross over level of the 100 & 200SMA's.
I haven't included/ depicted any concrete trade setups
as a lot of price action is needed to confirm a long term
bearish trend continuation.
Happy trading
sentiment in conjunction with a projected bearish Gartley
pattern. Ever since the bearish 100 & 200SMA cross over
last August, price has been unable to close above the 114.00
level and since then has dropped well below it. Now, price
is struggling to close above the 111.00 level, and even if it
managed to close above it, there is plenty of strong resistance
till the 113.00 level where the 200SMA is at currently.
In order for the projected bearish Garltey pattern to
materialize, we would have to see price reach the
112.50/60 level and subsequently get rejected. If this
occured, price would have enough momentum to break
below the 5 year support trend line below, and from
there price could start targeting the 88.00/20 level which
is the bullish cross over level of the 100 & 200SMA's.
I haven't included/ depicted any concrete trade setups
as a lot of price action is needed to confirm a long term
bearish trend continuation.
Happy trading