Hey traders! USDJPY is nearing the completion of a bat pattern. The wave pattern is predicted to complete near the base of wave-i-of-v-of-1, so a stop can be tightly placed below point X of the bat. Also, the TP can be placed at the top of wave-1 which coincides with the top of the bullish channel. This way, we maximize our R/R ratio and get out of the trade immediately if the wave count is invalidated.
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Long is technically active, but I will be waiting for an impulse to buy the pullback. Here is the price action on a tighter TF:Note
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Nice Rebound!Note
If you have not yet entered this one and want to be long USDJPY, here is an idea for entry:
Trade active
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Related publications
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.