USDJPY has recently been on a downtrend. There is a bullish butterfly, a trend reversal pattern, which completed on the H4 timeframe. Price entry (104.956) is guided by a candle break and close above the resistance of the diagonal channel. Stop loss is just below the D point while take profit levels are at the 38.2 and 61.8 Fibonacci retracement of the AD leg.
Trade Setup: Bullish Butterfly
Price Entry 104.956
SL 104.579 | SL pips 37.7
TP1 105.647 | TP1 pips 69.1
TP2 106.275 | TP2 pips 131.9
RRR1 1.83 | RRR2 3.50
Status/Remarks: TP1 & TP2 hit! :)
Trade Setup: Bullish Butterfly
Price Entry 104.956
SL 104.579 | SL pips 37.7
TP1 105.647 | TP1 pips 69.1
TP2 106.275 | TP2 pips 131.9
RRR1 1.83 | RRR2 3.50
Status/Remarks: TP1 & TP2 hit! :)