Hey traders! USDJPY
is nearing the completion of a bat pattern
. The wave pattern is predicted to complete near the base of wave-i-of-v-of-1, so a stop can be tightly placed below point X of the bat. Also, the TP can be placed at the top of wave-1 which coincides with the top of the bullish channel
. This way, we maximize our R/R ratio and get out of the trade immediately if the wave count is invalidated.