2018Oct16 NZDJPY H1 Bearish Bat

NZDJPY has been on a downtrend. D point has been completed with the formation of a bearish bat. Upon confirmation of the bearish bias, I will go short. Stop loss is just above the X point while the take profit target is at the 38.2 Fibonacci retracement level of the leg AD. Trade details are as follows:

Trade Setup: Bearish Bat
Price Entry 73.758
SL 73.993 | SL pips 23.5
TP1 73.213 | TP1 pips 54.5
RRR1 2.32