On the GBP.JPY 4hr chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between 138.247 & 136.459 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move. There is also an opportunity to look for extended targets at 144.00 Stop loss would be placed below X leg structure support .
Target 1 - 140.759 Target 2 - 142.293
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Price quality approaching the 138.00 & D leg completion.
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Price has now broke the Daily pennant formation. I am still awaiting a pullback prior to taking this pair short.
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A pullback in now underway. I will be looking to short this pair this evening / tomorrow.
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Price pulling back to the 140.00 level, a push lower now expected.