Bearish Bat on CHF JPY
Updated
Hi Guys,
Recent news events have weighed heavily on the Japanese Yen and thus all currencies against the Yen have seen a spike. CHF JPY, which has corrected from the highs was one of those pairs and had a strong rise up after the news.
Currently the pair is heading towards a supply zone where a bearish bat pattern is forming and entry lands right in the supply zone.
The highlighted blue box is area where supply zone , harmonic pattern and fibonnaci retracement 61.8 of high to recent low all give confluence if a sell setup becomes apparent.
Midpoint B would be the take profit as it looks like this pair has strong buying momentum at the moment.
Safe Trading all.
Recent news events have weighed heavily on the Japanese Yen and thus all currencies against the Yen have seen a spike. CHF JPY, which has corrected from the highs was one of those pairs and had a strong rise up after the news.
Currently the pair is heading towards a supply zone where a bearish bat pattern is forming and entry lands right in the supply zone.
The highlighted blue box is area where supply zone , harmonic pattern and fibonnaci retracement 61.8 of high to recent low all give confluence if a sell setup becomes apparent.
Midpoint B would be the take profit as it looks like this pair has strong buying momentum at the moment.
Safe Trading all.
Note
double top forming on hourly at bat entry pointNote
with a red marobozu candle
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