USD.JPY - Bat Pattern at a strong psychological number
On the USD/JPY 1hr chart we have a potential short opportunity at the D leg completion of the Bat Pattern .
The price reversal zone that is of interest is between 121.00 & 121.223.
On many occasions the D leg completion of a pattern will complete at a certain Fibonacci, however on this potential Bat Pattern we have more confluence including a cluster of Fibonacci's along with a strong psychological whole number being 121.000.
All this confluence coming in at the PRZ zone should give more confidence when trading this pattern.
It is possible to get long at the break of the B leg resistance at 120.346, but it is advised to await a D leg completion at 121.000 before looking to take any action.
Potential targets for the Bat Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance.
www.UKForexSignals.com
The price reversal zone that is of interest is between 121.00 & 121.223.
On many occasions the D leg completion of a pattern will complete at a certain Fibonacci, however on this potential Bat Pattern we have more confluence including a cluster of Fibonacci's along with a strong psychological whole number being 121.000.
All this confluence coming in at the PRZ zone should give more confidence when trading this pattern.
It is possible to get long at the break of the B leg resistance at 120.346, but it is advised to await a D leg completion at 121.000 before looking to take any action.
Potential targets for the Bat Pattern placed at the .382% and .618% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance.
www.UKForexSignals.com