EURJPY has been on a recent uptrend. There is a possible bearish bat. Upon D completion at 129.938 (88.6 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above X. Take profit targets are at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 129.938
SL 130.412 | SL pips 47.4
TP1 128.679 | TP1 pips 125.9
TP2 127.902 | TP2 pips 203.6
TP3 126.643 | TP3 pips 329.5
RRR1 2.66 | RRR2 4.30 | RRR3 6.95
Trade Setup: Possible Bearish Bat
Price Entry 129.938
SL 130.412 | SL pips 47.4
TP1 128.679 | TP1 pips 125.9
TP2 127.902 | TP2 pips 203.6
TP3 126.643 | TP3 pips 329.5
RRR1 2.66 | RRR2 4.30 | RRR3 6.95
Order cancelled:
This setup is invalidated with the formation of a candlestick closing above 129.938 (88.6 of XA). (July 9)