Premium Preview: Yen Steppin Out Of Bat Cage

6J_F, the Yen futures contract, is stepping beyond a harmonic pattern's PRZ.  PRZ is the Potential Reversal Zone aka the completion zone for a harmonic pattern, this particular pattern is called a Bat.  The ideal target was .0094405 but parameters of this rotation allowed for a retest of .0096195 which is where price breached above on Friday's close.  So this is a decisive point for 6J_F.

6J_F Day Chart

The Day chart shows that the initial level to hold above or below is .0096195, above it has an extended target of .009795 to .0098849 for another opportunity for Bears to defend and step in.  Either a rejection of that extended target or more important a hold below .0096195 suggests a stall or pull back to .0094405, which will be a very important support test for Bulls to defend.

The directional bias is to the upside unless can hold below .0092835 then more important .0086760.

6J_F STRange 50 Chart

The intraday chart, in this case I'm using STRange 50 bar, shows price is testing some convergence resistance with a trendline and what I call GRZ (Golden Ratio Zone aka the area between 38.2% and 61.8% Fibonacci ratios) at .0096440.  So a hold below here will help the day chart fall back inside that PRZ.  But back to this chart, the GRZ levels .0096440 and .0096155 will be the initial levels to break and hold.  An upside break has .00969 target with potential breach to .00971, upside continuation target is .0098275.

A break down of the gray GRZ has the ideal target at a Double PRZ, this means two different harmonic patterns complete into one zone, between .009495 and .0094615 but there could be a breach to .009455 or even .0094320.  Scaling points will be at the levels on the chart, this means they are probable bounce points so a good idea to protect a short position there.

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