akhostov
Short

LONG Potential USDJPY Bullish Bat Pattern forming

FX:USDJPY   U.S. Dollar / Japanese Yen
86 0 0
Hi Everyone.

IGNORE THE SHORT LABEL NEXT TO THE TITLE. IT SHOULD SAY LONG. BULLISH BAT PATTERN.

I have been away from the trading world for some time due to work/research-related obligations. I have been looking at some pairs and found this interesting Bat Pattern in the process of forming.

Points in Favor of this completion are:

(1) 3.14 BC             and 2.0 AB Fibonacci Confluence .
(2) Completion is near a minor support level (green line)
(3) Pair has been making LLs and LHs signifying a continuing down trend towards completion.

I have set targets based on the 0.382 and 0.618 retracements. These targets are a bit bold/agressive... but you should set targets based on your own trading plan. One conservative target would be at the 119.062 resistance level .

Trade wisely, Trade responsibly.

Comments/Suggestions are always welcomed.
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