USD/JPY moving higher to complete a topping formation

DXY (USD Index) - the daily chart highlights the index moving higher within the BC leg of a Gartley pattern. A common retracement is 38.2% of the last decline. This level is located at 103.93. Bespoke resistance is located at 104.08 and 104.16. The Gartley will be completed at 100.80.
Mixed trading has resulted in an Expanding Wedge pattern being posted on the intraday chart. This formation has an eventual bias to break to the downside. Using 104.08 as a projected upside barrier, we will form a bullish Butterfly at the daily Gartley completion level of 100.80.
My bias for the US Dollar is to ‘sell into rallies’.

JPY Basket - we have moved lower after making a 7252 swing high on Thursday. Bespoke support is located at 6830 and 6765. The projected AB support barrier from a Bat pattern is located at 6820. The 61.8% pullback level is located at 6762. This has resulted in a buy zone 6820 and 6762.
My bias for the JPY is to ‘buy into dips’.

USD/JPY - correlation suggests selling into rallies.
The daily chart highlights a 261.8% extension level at 124.97 (from 151.91-141.62). We have bespoke support located at 124.82. I am looking for a bearish Elliott Wave sequence (5 waves) to complete within this zone.
Bespoke resistance is located at 147.16 and 147.33. A projected resistance level for a BAT pattern is located at 147.27.
I am selling USD/JPY at 147.27.
SL: 148.10
TP1: 142.26
Risk/Reward Ratio of 6.04R
#tradeplan #USDJPY