Short USDJPY: Bearish Gartley at TL Resistance X2

Nov 10, 2015

USDJPY has completed a bearish Gartley pattern at the intersection of two S/R trendlines. The structure of the Gartley is such that it's AB=CD completion forms a tight PRZ with the .786XA level. The PRZ coincides with the .786CD target for the bullish butterfly completed in August, 2015. To add to the bearish bias, an unhit November, 2015 sits below price and coincides with the .618CD Gartley target. SL is placed above Gartley point X and target set at the monthly pivot for November.

Confluence in the PRZ:

• Bearish Gartley pattern completion
  
• AB=CD pattern completion
  
• S/R trendline (2X)
  
• .786CD butterfly target
  
• Unhit November, 2015 pivot below price
  

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Nov 10, 2015

Trade active

Dec 9, 2015

Note

Target 1 Achieved

Oct 6, 2017

Trade closed: target reached

Target 2 Achieved: 350 Pips