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!