KyleMcQuade

Bearish Bat Dollar-Yen

Short
OANDA:USDJPY   U.S. Dollar / Japanese Yen
Seems like it's Bat Week this week! In this episode we have a small bearish number on the dollar-yen. A daily charts shows price has retraced as far back as 38.2% of the boom at the end of 2016 following DT's election triumph! A solid support level , price looks to be entering a possible ranging market, heading into consolidation before the recent retracement either reverses or continues. Our D leg on this pattern lands slightly below a resistance level where price has recently bounced. The harmonic dictates that price should bounce again at this level while remaining in consolidation. Price is currently only at the C-coordinate and this pattern may not even complete itself, however it's good to be aware that it's there. Stop loss above the previous high, TP at the pivot level in the middle of the potential range. Happy Trading!

Bat Ratios

AB: 0.382-0.5
BC: 0.382-0.886
CD: 1.618-2.618
XD: 0.886

Comments

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