Bearish Bat Pattern USDJPY (1 hr chart)

28 янв. 2015 г.

Bearish Bat Pattern is forming. The nice thing about this formation is that the D completion point matches with both 2.618 BC extension and trendline resistance (red line). The PRZ is highlighted in Purple. I also find structure at 118.286 (red dashed line) for which the currency might turn around and invalidate this pattern.

Will keep watching, but if we find this break in structure, then we will get to see if price action will obey the completion of the Bat pattern at 118.482 and reverse.

Trade wisely, Trade responsibly.

Comments are welcomed.