2018Dec05 USDJPY H4 Possible Bullish Bat
USDJPY has been on a sideways movement and recent downtrend. It is near formation of a bullish bat which is in confluence with a trendline support. There is an RSI bullish divergence seen. Upon pattern completion and confirmation of the bullish bias, I will go long. Stop loss is just below the X point. The take profit target is set at the 61.8 Fibonacci retracement level of the AD leg. Tentative details are as follows:
Trade Setup: Possible Bullish Bat
Price Entry 112.502
SL 112.254 | SL pips 24.8
TP2 113.451 | TP2 pips 94.9
RRR2 3.83
Trade Setup: Possible Bullish Bat
Price Entry 112.502
SL 112.254 | SL pips 24.8
TP2 113.451 | TP2 pips 94.9
RRR2 3.83
Trade closed: stop reached
SL hit!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.