captain_smollett

USDJPY. Bullish Butterfly forming?

FX:USDJPY   U.S. Dollar/Japanese Yen
Possible Butterfly pattern spotted on USDJPY             pair. Any of next daily candles should close above 103.51ish, if a daily candle closes above this, the pattern is invalidated.

Entries for short:

Entry points: 103.91 and 104.45
SL: 105
TP1: 100, TP2: 95.50

Entries for long:

Entry point: 95.50
SL: 94
TP1: 100
TP2: 102.96
Comment: Reaching 103.50 area. Someone will have to turn this thing down...
Comment: Rejected in first instance. DXY failed to close above yesterday´s high. Not a big sign but can become more important if tomorrow both UJ and DXY decline
Comment: Once again, daily close above 103.51 will invalidate the pattern.
Trade active: Shorted 1.0391, stops to breakeven. There is a gap which hasn´t been closed when the USD turned down, not only on UJ pair. It can be closed on tomorrow´s NPF volatility but my overall view is short USD
Trade active: Closed first short on initial move down and opening a new short now. SL: 106, TP: 96
Comment: Added shorts at 104.15. Moving first short to breakeven. If I´m not wrong, EURUSD still has to touch 1.1135, therefore one mroe leg up on UJ is possible
Trade closed manually: Pattern invalidated.

Closed all shorts before the market close
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