• 4H: The USD/JPY is about to complete a bearish Gartley near the 91.00 area.  This coincides roughly with a declining trendline and the 61.8% retracement area. There may be some resistance here.
• If price action does not accelerate and tops off near the 91.0 area, we may have a short-term decline to start next week.
• A full full short-term projection goes to the 88.30 area. This coincides with the higher scale swing projection so this is a strong support area and bottoming action here with bullish signal should be strongly considered.
• Daily: This anticipated decline towards 88.30 however should be cautioned as we may already have started a rally.
• The price action as well as the momentum suggest a strong bullish takeover. the market has retraced 50% instead of the projected 61.8%.
• An adjustment then can be made to target 92.0 for topping action instead of 91.0. Either way, continue to stalk the manner of any subsequent short-term decline because signs are pointing bullish, and a decline could be a retracement.
• Finally, as mentioned in a previous post, if the USD/JPY eventually breaks the 94/94.50 area, we will have completed a reverse head and shoulder, and along with other signs suggests major bullishness.

Fan Yang
Currency Analyst
Commodity Trading Advisor

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