has completed a bullish bat
pattern, at a MAJOR structure support
level (you could see the significance of that level by simply going to Weekly and Monthly time frames and collapsing your chart). We are clearly seeing the pair is struggling to go lower and put lower low, lower closes, while all the other JPY pairs are just straight down. There is also a huge divergence on RSI
. AS far as money management side, almost a 2-1 R/R ratio on target 1 only, so pretty descent. Despite all that, heads up for the ECB rate decision coming at 7:45 ET. Great opportunity, if it matches your criteria, be aware of the risk involved, since there is a major news event coming as well, and I wish you all luck!