USD/JPY Gartley Completion

4H: The USD/JPY pair rallied to the 91.80 area as anticipated after it was supported at 90.80. We have a completion of a bearish Gartley. However, there is no reversal signals yet, and the market can still rally further to 92.50 (61.8% retracement).

If the market does reverse and breaks the short-term trendline, there might be another downswing.

Daily: The daily time-frame shows this short-intermediate term downswing projection. This is the bearish outlook.

The stochastic however is turning bullish so what is the bullish outlook in the short-term?

It is still important to see what kind of decline the market can produce from the current 92.00 area, if any. A weak one supported by the short-term upsloping trendline spells further rally to test the long intermediate downsloping trendline, which should be coincident with the 92.50, 61.8% retracement level  seen in the 4H chart.

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