TheMarketTaker

"Bearish Bat Pattern" - Aussie/Yen

Short
FX:AUDJPY   Australian Dollar / Japanese Yen
Entry on a retest to Strike Zone. At .886 Retracement.

Target 1 at the .382 Retracement of A-D Leg.
Target 2 at the .618 Retracement of A-D Leg.
Target 3 at Previous Structure. (X-Leg)

Stop Loss at the 1.13 Inversion of X-A Leg.

Confluences:

Major Stucture S/R
- Horizontal Support
- Whole # (89.000)
- Supply Zone. (H4)

Harmonic Pattern
- Advanced Bearish Bat Pattern

Price Action
- Trendline Resistance

Fibonacci
- Higher Time Frame Confirmation (.886)
- Ratio Confirmation (1.618)

Price Rejection
- Pin Bar Reversal Candlestick Pattern (H4)
- Engulfing Reversal Candlestick Pattern (H1)


Strength & Volatility
- RSI Divergence (H4)
- RSI Overbought (H1)

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