With all of the US Dollar weakness in the markets, we are seeing a ton of massive moves across all of the USD pairs. And here on USDJPY we have a massive Bat pattern that is currently setting up.
Now the really nice thing about this setup is the R/R and the fact that it completes at a major structure level. This pattern will complete at 108.177 and minimum stops must be below X at 107.320. Now make sure that this meets your risk profile, because it is a lot of risk since we are on the Daily time frame. But if it does meet your risk rules, you will have a very nice setup with excellent risk/reward with target 1 at a 38.2 retracement and target 2 at a 61.8 retracement.
Now if the risk is to much for you entering on a limit order, you can look to drop down to the 4hr timeframe and look for an alternate entry ie. double bottom, engulfing candle etc. What ever you do, make sure to follow your plan.
Good luck and good trading.
Now the really nice thing about this setup is the R/R and the fact that it completes at a major structure level. This pattern will complete at 108.177 and minimum stops must be below X at 107.320. Now make sure that this meets your risk profile, because it is a lot of risk since we are on the Daily time frame. But if it does meet your risk rules, you will have a very nice setup with excellent risk/reward with target 1 at a 38.2 retracement and target 2 at a 61.8 retracement.
Now if the risk is to much for you entering on a limit order, you can look to drop down to the 4hr timeframe and look for an alternate entry ie. double bottom, engulfing candle etc. What ever you do, make sure to follow your plan.
Good luck and good trading.