I'm loving all of the Japanese Yen pairs at the moment, here we have AUD/JPY on a 4h chart forming a potential bearish bat pattern. The same pattern has also taken shape on the Daily chart.
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
PRZ: Once completing the D leg at 85.200 I can see price starting to stall out before making a move to the downside.
Take Profit: My first take profit zone will be in line with our B point at 82.150, the second take profit will be at our C point around 79.800 which is a key level of support.
We will see how this plays out, as you can see from the 4h chart below the pair has been down trending from some time with huge swings in the market. In order for our bearish bat to be a valid pattern we need to break this trendline driving prices up into the 85.000 area!
As always feel free to leave any additional analysis :)