USD/JPY forms bearish butterfly pattern, good to buy at dips

FX:USDJPY   U.S. Dollar / Japanese Yen
529 4 10
Harmonic pattern formed: Bearish Butterfly pattern

Potential Reversal Zone (PRZ)-122.60

USD/JPY             has recovered till 120.65 after making a low of 119.71 yesterday. It is currently trading at 120.49.

Short term trend is still bullish as long as support 119.60 holds and break below drag the pair further down till 119/118.60.

On the higher side short term resistance is around 120.75 and any break above targets 121.30/122.

It is good to buy at dips around 120.25-30 with SL around 119.60 for the TP of 121.30/122
Well drawn, avoid dreams.
if the pattern is bearish, is not it a risk to buy at lows?)
FxWirePro Killy_Mel
No it will jump till 122
Killy_Mel FxWirePro
i see, thanks) I just thought bearish pattern means downward possibility - I am not trading patterns so have no idea...
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out