UPDATE 1. | EUR/JPY - Possible bullish butterfly | 4H Chart
Hey guys,
About a week ago I posted the bullish butterfly I that seemed to be forming (as you can see in the background), so I thought I'd give you an update.
A lot has happened during the past week:
What we can see is that the market has been running into the resistance-turned-support level (135,55ish) several times.
It has been forming lower highs and lower lows ánd it has been bouncing off/trading under the 200MA.
So, what does this mean?
Well, firstly I don't think the butterfly pattern has been invalidated yet (though that might be a bit optimistic)
I wouldn't be surprised if it violates 135,562 and travels all the way down towards 134,277ish.
If it decides to nót do that and shoot all the way past 136,888, well than we will be looking into some other opportunities.
Lets find out!
About a week ago I posted the bullish butterfly I that seemed to be forming (as you can see in the background), so I thought I'd give you an update.
A lot has happened during the past week:
What we can see is that the market has been running into the resistance-turned-support level (135,55ish) several times.
It has been forming lower highs and lower lows ánd it has been bouncing off/trading under the 200MA.
So, what does this mean?
Well, firstly I don't think the butterfly pattern has been invalidated yet (though that might be a bit optimistic)
I wouldn't be surprised if it violates 135,562 and travels all the way down towards 134,277ish.
If it decides to nót do that and shoot all the way past 136,888, well than we will be looking into some other opportunities.
Lets find out!
