bat pattern fails to deliver an extended short

U.S. Dollar / Japanese Yen (FX:USDJPY)

Updated

FX:USDJPY U.S. Dollar / Japanese Yen

usdjpy nakedtrading nakedforex harmonicpatterns

On a fundamental basis, the US economy has shown relative strength to its developed peers. Specifically, in the comparison vs Japan, US GDP has shown a growth of 1.9% vs the last reported number for Japan of -0.3%, confirming long term trend of weakness of yen vs us dollar and the uptrend of USDJPY.
Technically we seem to be on a consolidation area, exasperated by a disappointing GDP number on Friday, although it failed to signal a trend reversal even when when a bat pattern was signaled.

Possible longs at 115.40 and new shorts at 114.704.

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Sources I've used to study technicals

Naked Trading Part 1: How to Trade Price Action Trends

7 Characteristics of Consistently Profitable Traders

Harmonic Trading Scanner

Harmonic Trading Volume 1 by Scott Carney

Trade closed: target reached:

Nailed the short scenario.

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