Be wary of going long on GBP/JPY. Even without the Bullish Butterfly Pattern, last Friday's candle got rejected at the monthly PP level as well as unable to close above the 10SMA in blue; for harmonic patterns I always wait for a close above or below the 10SMA as an entry trigger.
If you look at the TRIX MA indicator - custom indicator by member munkeefonix, absolutely awesome indicator btw, I use the same one on MT4 - it is sloping down and finds itself below the zero line. Note also that the TRIX (blue line) and the TRIX MA (red line) have not come close to intersecting one another indicating further bearish pressure to persist.
More evidence that GBP/JPY is still bearish is the fact that above the 200 & 50SMA have crossed over, i.e. a bearish cross over.
I believe that price is currently merely testing the break out level from below the lower support trend line, note that point B of the pattern is right around the 61.8% retracement level, thus, a reversal level to send price to close last Septembre's gap below.
Look at my GBP/JPY weekly time frame analysis where a Bearish Max Butterfly pattern is still in progress of targeting point C which is at the 135.595 level.
For those who want to risk a profit with this pattern, please be cautious and patient.
Trade long (RvR reward 2:1) Entry: Close above 146.304 and above 10SMA S/L: 144.841 T/P 1: 147.405 T/P 2: 148.549 T/P 3: 149.230 As always - and especially in this scenario - scale out your profits and adjust your stop/loss to suit your personal risk management profile.