Been watching this USDJPY potential Bat pattern formation now for a week or so. Recently broke 3 levels of structure (green lines) to the downside indicating we will be pressing down to a Bat pattern completion! Probably looking for this to happen early next week but we shall see.
Good Risk Reward on this too if it happens - looking for target 1 and ...
USDJPY has formed a base just below monthly support around 100.052, recent price action would suggest that the pair is in early stages of reversal as a key trend line has also been broken. Price is currently testing monthly resistance at 106.131 a break of this level and we can potentially see this pair reach highs of 111.207 in the not too distance future.
I believe that USDJPY is going to break retest the resistance above. Once a clear new support is found the next target will be the 107.947 level. I have found my target not only through structure, but also through using the fibonacci retracement tool.
Simple technical analysis, with a flag formation on the 4HR chart with a simple breakout and retest i will be looking to enter next week.
On the weekly chart there is a void to fill.
If we get a solid break of 100, there is downside room to stops shown