USDJPY has been on a recent downtrend. There is a possible bearish bat. Upon D completion at 110.574 (88.6 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above X. Take profit targets are at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 110.574
SL 110.658 | SL pips 8.4
TP1 110.462 | TP1 pips 11.2
TP2 110.392 | TP2 pips 18.2
TP3 110.280 | TP3 pips 29.4
RRR1 1.33 | RRR2 2.17 | RRR3 3.50
Trade Setup: Possible Bearish Bat
Price Entry 110.574
SL 110.658 | SL pips 8.4
TP1 110.462 | TP1 pips 11.2
TP2 110.392 | TP2 pips 18.2
TP3 110.280 | TP3 pips 29.4
RRR1 1.33 | RRR2 2.17 | RRR3 3.50
Order cancelled:
This setup is invalidated with the formation of a candlestick closing above 110.574 (88.6 of XA). (July 5)