SmartTradingFX
Short

USDJPY: Potential Bat Pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
515 8 16
Potential Bat Pattern @ 116.75

Still a little way off but by next week we may have pushed up into previous support which may now turn resistance!

I have also highlighted possible extended targets which is the next major level from the weekly chart.

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Ric

Well spotted buddy. I like the potential on this one with extended target
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SmartTradingFX journeyofarookie2.0
Thanks bud appreciate that! Yeah when your entering in the direction of the trend these extended targets may offer some more pips! The only issue with this setup is we put in a double bottom on the daily, so price did find support just above the next major level, so if we do get a chance to enter on this then a retest of that level may be more suitable!

Ric
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Looking really good. On the daily, a simple 0.618 retracement of the larger move down puts us right in the same area for your bat completion.

snapshot
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Thank you! Nice so some more confirmation that price may react at this level! Good spot!

Ric
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And the targets on this cypher may well give a good entry to ride a long up to the bat completion
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Nice analysis.
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Thank you Jim
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