glennmercer
Long

USDJPY Meets Bat T1 - Potential Harmonic Scenarios Emerging

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             has met Target 1, 61.8% retracement of CD leg of the bearish bat pattern created on 6/24. From here, we may look for a potential setup of a number of future harmonic patterns . If price does not reverse at T1, the next Bat target to look for is 122.05. If price rebounds from T1, we may look for a reversal in PRZ, which is the 38.2-88.6 retracement of our new AB leg.

Here are 3 possible scenarios and their respective conservative targets:

Gartley
78.6 retracement of new XA leg. If price rebounds here, we may go long with a target of 123.3.

Garfly
127.2 retracement of new XA leg. If price rebounds here, we may go long with a target of 123.0.

Crab
161.8 retracement of new XA leg. If price rebounds here, we may go long with a target of 122.75. This level is also confluent with with the 88.6 retracement of AB.

Good luck and happy trading!
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