EUR/JPY Bearish Bat Pattern

EUR/JPY Bearish Bat Pattern

A long term bearish outlook for EUR/JPY. This pattern has
been valid for entry since 02.02.2018. However, price found
enough support at the 200 SMA to turn around to the upside.
This upward move could just be a correction and form a
lower high, potentially at the 134.235 level (61.8%).

A safe and conservative entry would be a close below 131.985
or a rejection at 133.255. Should this occur, then I suspect a test
of the 124.090 level below would be likely and this level may
also act as a potential bullish trend continuation, as
depicted by the AB=CD pattern.

The projected measured target objective at the trend continuation
zone is the length of leg CD, and targets the88.6% Fib retracement
level from 149.787 to 109.205.

If price doesn't hold there, then price would go lower and target
the take/profit levels illustrated by the second bearish trade
setup column.

Trade 1 (RvR ratio 2:1)
Entry: Close below 131.985 or rejection at 133.225
S/L: 135.930 (or as desired)
T/P 1: 128.852
T/P 2: 126.179
T/P 3: 124.094

Trade 2 (RvR ratio 3:2)
Entry: ONLY with close and rejection below 124.094
S/L: 128.715
T/P 4: 119.699
T/P 5: 117.434
T/P 6: 114.851
T/P 7: 109.205
As always its commendable to scale out your profits and
adjust your stop/loss according to your risk management
profile.

Happy trading