USDJPY pair has been on a downtrend on Daily timeframe with Lower Highs (LH) and Lower Lows (LL) forming.
The pair is in a valid downtrend on H4 timeframe as well making LHs and LLs and we see clear rejection at point A and C of Harmonic pattern validating downtrend line.
Recently price formed a LH at the 0.618 Fibonacci retracement which is a strong reversal point.
Expect price to complete Bat Harmonic pattern by the end of this coming week.
Price can potentially retrace to 0.786 Fibonacci and reject on downtrend line before meeting expected Take Profit (TP) line, however last couple candles show signs of severe bullish exhaustion at key 0.618 Fibonacci reversal level.
2:1 reward to risk ratio chasing 100 pips.
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The pair is in a valid downtrend on H4 timeframe as well making LHs and LLs and we see clear rejection at point A and C of Harmonic pattern validating downtrend line.
Recently price formed a LH at the 0.618 Fibonacci retracement which is a strong reversal point.
Expect price to complete Bat Harmonic pattern by the end of this coming week.
Price can potentially retrace to 0.786 Fibonacci and reject on downtrend line before meeting expected Take Profit (TP) line, however last couple candles show signs of severe bullish exhaustion at key 0.618 Fibonacci reversal level.
2:1 reward to risk ratio chasing 100 pips.
Please Like and Share post if you would like to see more of my analyses
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