Art_of_Trading
Short

GBPJPY: Potential Bat / Nice Risk/Reward

FX:GBPJPY   British Pound/Japanese Yen
On FX:GBPJPY             , the market moves sideways on 1H bars. There is no clear direction bias. We all know that when the market moves sideways, it could be opportunity for Harmonic Pattern traders.

It is a resistance level at 186.13. It is also X leg of this potential Bat Pattern . The market were close to that level few times but it was rejected as many times. It is more likely that resistance level still bounce the price again. Retracement is expected on that key zone. In addition, there is a potential Bat pattern , which increase probability of this trade. Thus, if this harmonic pattern becomes valid and finishes its last leg then it is possible to go short. This set up gives us nice risk/reward.
T1 - 38.2%
T2 - 61.8%
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