GBP.JPY - Bullish Bat Setup - 138.247
Updated
On the GBP.JPY 4hr chart we have a potential long opportunity's at the D leg completion of bullish Bat setup.
The price reversal zone on this pair is between 138.247 & 136.459
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 144.00
Stop loss would be placed below X leg structure support .
Target 1 - 140.759
Target 2 - 142.293
The price reversal zone on this pair is between 138.247 & 136.459
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Bat setup placed at the .382% and .618% retracement of the A to D move.
There is also an opportunity to look for extended targets at 144.00
Stop loss would be placed below X leg structure support .
Target 1 - 140.759
Target 2 - 142.293
Note
Price quality approaching the 138.00 & D leg completion.Note
Price has now broke the Daily pennant formation.I am still awaiting a pullback prior to taking this pair short.
Note
A pullback in now underway.I will be looking to short this pair this evening / tomorrow.
Note
Price pulling back to the 140.00 level, a push lower now expected.Note
Price now approaching target 1 at 140.759
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