LewisGlasgow
Short

USD/JPY - Bearish Bat (300+ Pip Move)

FX:USDJPY   U.S. Dollar/Japanese Yen
Wow this is huge, we have USD/JPY             on a 4h chart with a picture perfect bearish bat pattern. We've got a lot of analysis to cover in this post so please read it all!

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

We have recently broken out of a trading range which is shown in the chart below, I'll be expecting price to correct itself before continuing the move... In addition we are also seriously overbought on all relevant time frames for RSI .

snapshot


I'll be expecting price to stall out around our D point, completing our pattern then a sharp move to the downside. This harmonic pattern looks extremely powerful when you take into consideration all of the analysis above.
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snapshot


I get a 0.956 retracement into the AB leg at C on mine. Not sure how yours came out so differently. That's a huge difference in ratios, considering my target came out about the same and that my X is anchored off of the same level.
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Fully extended it should be no more than 0.9, regardless I'll be looking to short this week. Thanks for commenting James :)
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