glennmercer
Long

USDJPY Long: Potential Expanding Triangle, Bat, Missed Pivots

FX:USDJPY   U.S. Dollar / Japanese Yen
Hey traders! USDJPY             is approaching a potential reversal zone that could spark a large bullish move. A bullish bat is nearing completion near the descending trendline . Missed weekly and unhit weekly pivots sit above price. The .382 fib is also confluent with the missed pivot from last week which may signify a nice supply zone . Movement past the 1.272 mark could mean further bearish movement so that's where I put the SL. Targets at the nearest weekly pivot and the missed pivot from last week. Entry near point X of the bat should price reach those levels. This entry is also confluent with the short-term descending channel shown in gray.
Comment: Price has entered PRZ. Playing this conservatively by waiting for a 15m close above trendline before activating entry.
Comment:
snapshot
Trade active: Entry activated, SL below lows with same target. Yields a R/R of 14.8.
snapshot
Trade closed: stop reached: Exit and wait for new signal
close on D:
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