Emerging Butterfly Pattern – USDJPY – Daily Timeframe


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Bullish Butterfly pattern emerging on USDJPY Daily Timeframe. One can also trade the CD leg to the downside if price reverses.
Pattern is invalidated if there is a break above 84.09 (88.6 FR of AB).
Entry suggestions …
– Clear trendline break of BC
– Go to hourly chart to time the entry
SL
– Above C
Targets
– Eventual target is D (79.06).
– Should take partial profits before then (posibly at 61.8/78.6 FR of XA, Pt B)
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This entry was posted in Butterfly, Forex, Harmonic Pattern, USDJPY. Bookmark the permalink.

One Response to Emerging Butterfly Pattern – USDJPY – Daily Timeframe

  1. One618 says:

    Trade going in the right direction, but the move hasn’t been very strong. Since identification at 83.115, the price has moved about 60 pips to 82.515 as of now – exactly at 50% FR of XA. I would look to take partial profits at this stage & move SL to break even.

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