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USDJPY: Ranging and still showing us Patterns to trade

Market Outlook and Analysis (2020 WW30)

Currency Pair: USDJPY

USDJPY H4 Chart: Bullish Bat Completing Lower

USDJPY H4 Bullish Bat Completing Lower

The USDJPY has been in a 200 pips range (106.00-108.00) since the end on June. In the past 2 weeks, the range narrowed to 70 pips ranging from 106.70-107.40. Spotted a Bullish Bat patter completing at around the 106.30 levels. This will give us a great entry to go long close to the support level.

USDJPY H1 Chart: Bullish Bat Completing Lower

Multiple Bat Formations in the 80 pip range

Spotted another Bullish Bat on the H1 within the mentioned 70 pips range. Let’s monitor how the price reacts to the Buy Zone, failing this would mean that the pair will head lower to complete the above mentioned H4 Bullish Bat.


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