GBP/JPY - Bearish Alt Bat

FX:GBPJPY   British Pound / Japanese Yen
Quick market analysis for GBP/JPY on a 4h chart as always, we have a potential bearish alt bat . As we all know this pair moves fast, at times 100+ pips per hour and this is one of the many reasons why it is my favourite pair to trade!

We have an overextended D point at 166.000 for one simple reason, the pair has been trending within a channel. I'm expecting price to make a turn for the downside between 165.000 to 166.000 but I would like to see a spike up to hit our D point! Overall this is shaping up to be a huge trading opportunity.

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I have never seen this pattern before. What is the main difference from this one and the bat that requires a final leg to have a roughly 0.86 retracement?
LewisGlasgow olly_price
It's very similar to the bat pattern except it has an extended D leg. As this pair has been trading in a channel the D point is further extended, it would actually come into a 1.13 retracement as you can see on the chart :)
+1 Reply
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