CapMoore

Butterfly Buy Just Completed

FX:GBPJPY   British Pound/Japanese Yen
58 0 2
169,15 just below Yearly S1 is the D-level of the large Butterfly which was just completed.
A failure here can create a sharp drop to the 161,8 extension.
Target of the Buttefly, minimum, if it holds support here, is 176,75
Yesterday price bounced off the Yearly S1 and left behind the D-level with som 20 pips. That was just taken care of.
Let's see how price behave from here.
The 161,8 Extended Butterfly stands at 161,90 very close to Yearly S2.
It is a large pattern so there is no need to rush an entry. Look for signals on lower timeframes or perhaps
scale in.

Looking at PA from november, the "Beast" is a runnaway train and they are hard to stop even with confluence support
like here (Yearly S1/Butterfly Buy). Betting on a failing pattern is also a useful strategy, to sell bounces until it breaks.
Hard to say at this point wether it will break or not. One can only trade what is on the chart. A failure is also a signal in itself
with a defined target, the 162 level.
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