Technical overview of the AUD JPY pair:
The AUD JPY pair completed the formation of the negative bat harmonic pattern with a daily interval, where the correction of point D of the AX leg reached 88.6%, which is the pivotal ratio of the pattern.
Accordingly, the potential reversal zone (PRZ) is considered one of the levels (84.50: 85.25), and indeed the pair started rebounding from the shown area, and accordingly we target 86.50 as a target for the pattern at the 50% Fibonacci retracement of the CD leg, while closing below 86.50 is a stop loss and failure of the pattern.
The AUD JPY pair completed the formation of the negative bat harmonic pattern with a daily interval, where the correction of point D of the AX leg reached 88.6%, which is the pivotal ratio of the pattern.
Accordingly, the potential reversal zone (PRZ) is considered one of the levels (84.50: 85.25), and indeed the pair started rebounding from the shown area, and accordingly we target 86.50 as a target for the pattern at the 50% Fibonacci retracement of the CD leg, while closing below 86.50 is a stop loss and failure of the pattern.