Long GBPJPY: Bat + Crab Complete at Weekly Trendline Support

GBPJPY has entered the PRZ of two bullish patterns on the daily chart. The PRZ aligns with both horizontal and trendline support which may add to the potential for reversal at this level. Multiple unhit monthly and weekly pivots sit above price and may help pull price toward target. To add to bullish bias, MACD has produced bullish divergence and RSI is oversold. Entry is placed at crab completion with SL below horizontal support and targets at the unhit January, 2015 pivot and the 50% retracement of the bullish bat CD leg.

Bullish Confluence:

• Bullish Bat
  
• Bullish Crab
  
• Weekly horizontal support
  
• Weekly TL support
  
• Multiple missed pivots above price
  
• Bullish MACD divergence
  
• RSI Oversold
  

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