USDJPY - The big picture....

FX:USDJPY   U.S. Dollar / Japanese Yen
117 4 1
There is a bearish Bat Pattern that is coming up on the 4 Hrs             chart....
And it looks like the best place to open a short at around 101.70 levels after the reversal confirmation with stops above 101.75 area....
T1 - At intermediate support ( 50% retracement of CD)

T2 - Can be trailed as a major trend reversal (a break to the downside on the pair) is expected....

And all the currency correlation also add up to the evident bearish trend on the pair....
Pattern hit stops....Going short with ABCD move... Waiting to see what happens...
I'm watching!
pavan15589 adolfo.fernandes2
Yup...!! The thing is the pattern still hasn't been violated since it never closed above the highs and is still forming inside the Elliot wave...Generally when the last leg extends beyond the tolerated Fib Ratio, it is called an extended Gartley and when it violates the highs of the pattern, we could look for AB=CD which is still a Gartley Pattern which is again a part of Elliot Wave....
pavan15589 adolfo.fernandes2
Am watching too....:-D
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