The USD/JPY pair recovered sharply from the low of 98.96 levels on Friday. The spot jumped to 102.48 in Asia on threat of BOJ easing, before trimming gains to trade around 102.00 in Europe.
On the hourly chart, we can plot a Bearish gartley pattern. Here we have two scenarios... Leg BC is anywhere between 38.2% to 88.6%.
The 88.6% level comes around 99.45. If the spot takes out today's low of 101.457, we could see it drop towards 0.886. Note that a rebound could happen from within the range of 101.457-99.45.
On the other hand, if the spot moves above 103.26 today, we could consider today's low of 101.457 as the point C of the Gartley.
In either cases, we could be moving higher to point D which in either cases rests just above 105.00 levels.
On the hourly chart, we can plot a Bearish gartley pattern. Here we have two scenarios... Leg BC is anywhere between 38.2% to 88.6%.
The 88.6% level comes around 99.45. If the spot takes out today's low of 101.457, we could see it drop towards 0.886. Note that a rebound could happen from within the range of 101.457-99.45.
On the other hand, if the spot moves above 103.26 today, we could consider today's low of 101.457 as the point C of the Gartley.
In either cases, we could be moving higher to point D which in either cases rests just above 105.00 levels.
