There is a Bullish Bat Pattern forming with completion at 117.425.
Some good signs include the confluence between the 0.886 XA retracement and the 2.618 BC extension. Furthermore, we do find structure (previous support) slightly below at 117.352, such that we can see a continuation of USD/JPY fall down into the PRZ (Purple) and touch support (red) with a reversal.
Now, the one thing that would ensure that this pattern is respected is if we find the break of strong support/resistance at 118.275. If prices fall below that, then we can expect a possible Bat pattern completion to be more likely.
Trade wisely, Trade responsibly.
Some good signs include the confluence between the 0.886 XA retracement and the 2.618 BC extension. Furthermore, we do find structure (previous support) slightly below at 117.352, such that we can see a continuation of USD/JPY fall down into the PRZ (Purple) and touch support (red) with a reversal.
Now, the one thing that would ensure that this pattern is respected is if we find the break of strong support/resistance at 118.275. If prices fall below that, then we can expect a possible Bat pattern completion to be more likely.
Trade wisely, Trade responsibly.
