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glennmercer

USDJPY Long: Potential Expanding Triangle, Bat, Missed Pivots

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
glennmercer Updated   
FX:USDJPY   U.S. Dollar / Japanese Yen
Bat Bullish Bat expandingtriangle missedpivot missedpivots Pivot Points unhitpivot unhitpivots Broadening Wedge glennmercer gmercerfx USDJPY
14
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batpattern bullishbat expandingtriangle missedpivot missedpivots pivotpoints unhitpivot unhitpivots broadeningwedge glennmercer gmercerfx usdjpy
Hey traders! USDJPY is approaching a potential reversal zone that could spark a large bullish move. A bullish bat is nearing completion near the descending trendline. Missed weekly and unhit weekly pivots sit above price. The .382 fib is also confluent with the missed pivot from last week which may signify a nice supply zone. Movement past the 1.272 mark could mean further bearish movement so that's where I put the SL. Targets at the nearest weekly pivot and the missed pivot from last week. Entry near point X of the bat should price reach those levels. This entry is also confluent with the short-term descending channel shown in gray.
Comment:
Price has entered PRZ. Playing this conservatively by waiting for a 15m close above trendline before activating entry.
Comment:
Trade active:
Entry activated, SL below lows with same target. Yields a R/R of 14.8.
snapshot
Trade closed: stop reached:
Exit and wait for new signal

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