USD/JPY Bullish Bat & Max Butterfly Pattern

USD/JPY Bullish Bat & Max Butterfly Pattern

Two bullish patterns persist on the USD/JPY pair. The bullish
Max Butterfly is hanging by a thread to become invalid if the
weekly candle closes below 105.520, which is the 1.410 Fibo
extension of BC. Should this crucial level hold though, a
re-test of 111.070 (38.2% Fibo retracement level) could be
possible.

Trade 1 (ONLY IF 105.520 HOLDS!)
Entry: Close above 105.520
S/L: 102.745
T/P: 111.070

Moving on from there, if price were to close above 111.070
one could target 116.082 which is the level of Point B of
the adjacent bullish Bat Pattern and then to 118.662,
completing the bullish Max Butterfly pattern.

Trade 2 (ONLY IF PRICE CLOSES ABOVE 111.070)
Entry: Close above 111.070
S/L: 108.564
T/P: 116.082

Trade 3
Entry: Close above 116.082
S/L: 114.792
T/P: 118.662

Trade 4
Entry: Close above 118.662
S/L: 116.115
T/P 1: 123.756
T/P 2: 125.856

If the bullish Max Butterfly pattern is broken, there is still
hope for the USD/JPY pair to remain bullish as long as
price does not close below 93.064, which is the 4.000 Fibo
extension of the Bullish Bat's BC leg.

So, keep your eyes on the 115.520 level this week as it is
crucial for the direction of USD/JPY for the medium term.

Happy trading