AUD/JPY - Bearish Bat

Interesting setup on the Daily chart for AUD/JPY with a potential bearish bat, as you can see price has recently broke out of a descending channel and heading towards our D point at 88.500.

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

I'll be looking for additional analysis in the near future :)

Comment:

We are now approaching a crucial level of weekly resistance at 88.600 which aligns with the D point of the bearish bat on the daily chart (therefor completing the harmonic pattern and providing a shorting opportunity). This price level has been a major pivot point in the market for almost two decades, with price trading above and below overtime.

In addition, the relative strength index shows price is now over-bought on both timeframes (daily and weekly).

Comment:

Keep an eye on this price structure on the 4h chart.

Comment:

Price is currently retesting resistance once again, I'll be heavily watching this pair for a shorting opportunity if we break this level.

Comment:

Price is now approaching the potential reversal zone, I'll be looking to short within the grey area.