AUD/JPY - Bearish Bat

٨ ديسمبر ٢٠١٦

Interesting setup on the Daily chart for AUD/JPY with a potential bearish bat, as you can see price has recently broke out of a descending channel and heading towards our D point at 88.500.

The measurements for a valid bat pattern are detailed below.
B: 0.382 - 0.50
C: 0.382 - 0.886
D: 1.618 - 2.618
Final X to D: 0.886

I'll be looking for additional analysis in the near future :)

١٥ ديسمبر ٢٠١٦

ملاحظة

We are now approaching a crucial level of weekly resistance at 88.600 which aligns with the D point of the bearish bat on the daily chart (therefor completing the harmonic pattern and providing a shorting opportunity). This price level has been a major pivot point in the market for almost two decades, with price trading above and below overtime.



In addition, the relative strength index shows price is now over-bought on both timeframes (daily and weekly).

٢٣ ديسمبر ٢٠١٦

ملاحظة

Keep an eye on this price structure on the 4h chart.

١٠ فبراير ٢٠١٧

ملاحظة

Price is currently retesting resistance once again, I'll be heavily watching this pair for a shorting opportunity if we break this level.

١٥ فبراير ٢٠١٧

ملاحظة

Price is now approaching the potential reversal zone, I'll be looking to short within the grey area.