EUR/JPY - Bullish Butterfly (150+ Pips)

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!

Do you want more trading inspiration? Connect with me below :)
Instagram: www.instagram.com/lewglasgow/
Facebook: www.facebook.com/lewglasgow

Trade active:

Entry: 112.200

Comment:

Stop loss moved into profit

Trade closed: target reached