EUR/JPY - Bullish Butterfly (150+ Pips)

FX:EURJPY   Euro Fx/Japanese Yen
Here we are looking at EUR/JPY             on a 4h chart with a perfect bullish butterfly harmonic pattern , price is currently bearish but I am looking for price to stall out on our D point followed by a major reversal heading towards resistance at 113.900 before continuing to make a moving lower.

Spotting a 'perfect' bullish butterfly can be difficult, here are the ratios:
B: 0.786
C: 0.50 or 0.886
D: 1.618 (Almost perfect)
X to D: 1.272

All-round we have a very good opportunity, price is oversold and we are trading with a 1:2 risk to reward. I will be waiting for further confirmation before entering!

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Trade active: Entry: 112.200
Comment: Stop loss moved into profit
Trade closed: target reached
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perfect pattern!!
+1 Reply
Thank you, it looks very powerful!
Nice job ! I wouldn't have spot it. I'm gonna wait for a reversal pattern on the hourly chart now. Thanks
+1 Reply
Appreciate it, there are a lot of factors on the 1h indicating a reversal. We shall soon see how the market reacts :) thanks for commenting
Pronoe LewisGlasgow
I would have like this candle to go a bit lower, maybe to 111.9, to consider it a reversal pattern.

I'd rather wait a bit for now and have a more convincing signal. If I had a bigger account, I would have set a buy stop at 112.45.
+1 Reply
Of course trade at your own risk, I'm only going 1% on this one. We are sitting on a major level of daily support and there is indecision around the D point which is enough for me... Check the 1h chart. All the best if you're trading!
Damn... Such beauty. Nice one, Sir!
+1 Reply
Thank you very much!
great spot, lovely pattern!
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Appreciate it, hope you've had a good week!
wigtrade LewisGlasgow
good week so far! although called UJ too early, tight stop greed got me again
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That's good to hear... Ah well it happens to the best of us, sometimes you win sometimes you learn.
good job i did the same + cadjpy too
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Welcome back :) thanks man, I checked your analysis... Ilove trading yen pairs
Great Spot !

My experience with Butterflys is i usually get a better bounce at .618 (point D)....all depends on the shape of the pattern..at the moment it looks quite bearish still to me..downtrend is crushing the impulse...I always find Butterflys work best when price approaches the d point as laterally (sideway) as possible....then theres no resistance to the impulse, but these are rare moments !
+1 Reply
LewisGlasgow PRO Trendhopper
Yes that is very true, every situation is different from the next. It was my only concern when analysing this pair hence the target price being 113.923, we are sitting nicely in profit at the moment but only time will tell. I couldn't agree with you more and in this situation I went with my judgement as price was heavily oversold which gave me the extra confirmation to take the trade. Thank you for commenting!
Nice call on this one!
+1 Reply
Thank you!
Very well spotted (and then some)
+1 Reply
LewisGlasgow PRO TraderSQUAD
Thank you very much!
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