DonDimadjo
Long

USDJPY - Bullish Bat Pattern in progress?

FX:USDJPY   U.S. Dollar/Japanese Yen
91 4 0
The USDJPY             is in a strong up trend, which has stalled during the past 5-6 months. The completion of this bullish bat pattern may signal a trend continuation. Everybody is looking to buy the USDJPY             but the question is not "if" but "when".

The market is still trending sideways, between resistance zone around 122 and recent support at 118.35-75.

The completion of this bullish bat will secure a great entry price with a reasonable stop loss (70-80 pips -> 10-20 pips below 115.85) and amazingly high probability for a great profits if you hold the trade (or part of it if you take partial profits on the go) until it breach the resistance and form another leg higher of 1400-1500 pips

Well, that's my idea so let's wait and see how it goes in the coming month or two.

Feel free to share thoughts, comments, etc..
DonDimadjo
2 years ago
Update - the pattern has just invalidated, so this idea is not worth following anymore
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FXTechs DonDimadjo
2 years ago
How was the pattern invalidated? Didn't it break out in the direction you were hoping for? PS way to complicate one of the simplest chart patterns around... ASCENDING TRIANGLE YO!
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DonDimadjo
2 years ago
Point C of the BC leg should have ended between 61.8% of the AB leg and point A. Once the price went beyond point A the bat patter invalidated. However, this could turn to a bullish cypher pattern now. The price hit 127 fib extention on 27th May, yesterday also hit the 141.4 fib extention and closed below that. If the price rotate back down to 117.70 will complete a bullish cypher. Still might be worth following this idea
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DonDimadjo
2 years ago
Plus, i do agree about the triangle but this is the usual trap of the banks to trap retail traders as everybody jumps on an place their stop below the recent support around 118 so they will come down to hit your stop, complete the cypher and comtinue in the original direction.

Just an idea of how things could happen here
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