If the market continues upwards towards the D completion of the butterfly pattern (blue) we could sell the USD/JPY towards the 0.618 retracement of the C-D move.
If the maket continues downwards and invalidates the butterfly pattern by surpassing point C, we could buy the cypher pattern (red).
If the maket continues downwards and invalidates the butterfly pattern by surpassing point C, we could buy the cypher pattern (red).
Trade active:
The red Cypher pattern has been invalidated and the blue Butterfly pattern is now active.
Trade closed: stop reached:
Stop was reached at 111.084, 2 ATRs above point D