For all of you advanced pattern traders, here is a pair to put on your radar. There are currently two potential patterns setting up on the USDJPY. The first (in blue) is a potential bullish Cypher pattern that will complete at 111.47's. The Blue and Red Risk/Reward are the stops and targets for the cypher.
The next potential (in red) pattern is a potential bullish Bat pattern set to complete at 111.17's. The red and green risk/rewards are the stops and targets for the bat.
Now the question, Which one to take? Well its a trade off. The cypher will complete first and it has a higher win rate (in my experience), but it also has an inverse risk / reward profile. While the Bat pattern still has a solid win rate, but a much better risk / reward profile. In my opinion you cannot go wrong with either, but as always whatever you do, make sure you follow your plan.