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.
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