GBP.JPY - Bullish Bat Setup - 138.223
Updated
On the GBP.JPY 4hr chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between 138.223 & 136.472
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 143.648
Stop loss would be placed below X leg structure support.
Target 1 - 140.729
Target 2 - 142.297
The price reversal zone on this pair is between 138.223 & 136.472
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 143.648
Stop loss would be placed below X leg structure support.
Target 1 - 140.729
Target 2 - 142.297
Note
Bullish RSI has formed on the 1hr TF.A minor consolidation period is expected prior to a push lower towards the D leg.
Note
A break of the 139.00 level should confirm the break and retest on the Daily TF
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