Fxprotrader

USDJPY@ Potential Bat Pattern In Corrective Structure

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             is moving in a corrective structure (triangle) clearly in the 4rth wave of an elliott cycle. In the chart we can see a pending bearish bat pattern with D point at the upper trendline of the triangle. In addition we have a wxyxz completion in this corrective structure.

For profit targets we can aim for the lower trendline of the triangle which gives us an excellent risk/reward ratio but we may see price breaking that support level and moving more to the down.

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John.

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