USDJPY Bat: Buy the Rebound
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Hey traders! USDJPY is nearing the completion of a bat pattern. The wave pattern is predicted to complete near the base of wave-i-of-v-of-1, so a stop can be tightly placed below point X of the bat. Also, the TP can be placed at the top of wave-1 which coincides with the top of the bullish channel. This way, we maximize our R/R ratio and get out of the trade immediately if the wave count is invalidated.
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Long is technically active, but I will be waiting for an impulse to buy the pullback. Here is the price action on a tighter TF:Note
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Nice Rebound!Note
If you have not yet entered this one and want to be long USDJPY, here is an idea for entry:
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