There is a possible bearish bat for USDJPY. Upon D completion at 109.014 (88.6 of XA) and confirmation of the bearish bias, I will go short. Stop loss is just above point X. The take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows:
Trade Setup: Possible Bearish Bat
Price Entry 109.014
SL 109.125 | SL pips 11.1
TP1 108.833 | TP1 pips 18.1
TP2 108.720 | TP2 pips 29.4
TP3 108.539 | TP3 pips 47.5
RRR1 1.63 | RRR2 2.65 | RRR3 4.28
Trade Setup: Possible Bearish Bat
Price Entry 109.014
SL 109.125 | SL pips 11.1
TP1 108.833 | TP1 pips 18.1
TP2 108.720 | TP2 pips 29.4
TP3 108.539 | TP3 pips 47.5
RRR1 1.63 | RRR2 2.65 | RRR3 4.28
Comment:
This setup is canceled as price did not go to the potential reversal zone before going to the desired direction (down).