We have a potential bearish Bat pattern that is setting up on the GBPJPY. Now it is a bearish pattern, but we had a very nice bearish engulfing candle put in on the daily chart just a couple days ago at this level. If you also look to the left, you will see that we are currently in a major structure zone on the GBPJPY. Now this pattern will potentially complete at 152.50. Minimum stops need to be above X at 152.86. If you use a 1 ATR stop above X with target 1 at a 38.2 Fibonacci Retracement, you are looking at better than 1.7 to 1 reward/risk ratio. That is an excellent R:R, especially when you consider how wide the ATR can be on GBPJPY. If you trade multiple targets, target 2 will be at a 61.8 Fibonacci Retracement.
Make sure to follow your trading plan. Good luck in the markets.
Make sure to follow your trading plan. Good luck in the markets.