Reasons for my analysis:
1) Close to ideal Gartley harmonic pattern as shown on chart, current price reversed at exactly Gartley's ideal D point.
2) All JPY group currency pairs correlating with JPY weakness (fresh) (including USDJPY;AUDJPY;EURJPY;GBPJPY;CADJPY)
3) Strong buying force (Demand Zone showed a big bullish candle)
4) Double bottom W shape with V formation
Here is how I would take this trade:
Spot 79.88 level (Fibonacci 0.618 retracement), entry with price action
Stop Loss (SL) around or below 78.7. The reason I don't like SL at 79.12 is because some time (not always) the volatility may spike you out before it goes into your favour. So I have left some room for my factor of safety.
Target around 81.8
I will post Gartley Harmonic Pattern on a separate education post.
You may also spot AUDJPY I think its also a potential good pair to trade
Good Luck
Steven
1) Close to ideal Gartley harmonic pattern as shown on chart, current price reversed at exactly Gartley's ideal D point.
2) All JPY group currency pairs correlating with JPY weakness (fresh) (including USDJPY;AUDJPY;EURJPY;GBPJPY;CADJPY)
3) Strong buying force (Demand Zone showed a big bullish candle)
4) Double bottom W shape with V formation
Here is how I would take this trade:
Spot 79.88 level (Fibonacci 0.618 retracement), entry with price action
Stop Loss (SL) around or below 78.7. The reason I don't like SL at 79.12 is because some time (not always) the volatility may spike you out before it goes into your favour. So I have left some room for my factor of safety.
Target around 81.8
I will post Gartley Harmonic Pattern on a separate education post.
You may also spot AUDJPY I think its also a potential good pair to trade
Good Luck
Steven
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