Highcrunch

USDJPY Bullish butterfly with strong support at D Extension

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
1
A one hour bullish butterfly is forming with XA127 extension right at the same price level @115.55. Back in December when price hit this level, it went up a few hundred pips. If you look further left, you will see that this is a strong support/resistance level.
I am looking to enter long @115.55, stop @ 115.20, limit @ 116.20 giving a risk/reward of 1:2
The probability is on our side, let's see how this one works out.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.