FxWirePro
Long

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
Killy_Mel
a year ago
if the pattern is bearish, is not it a risk to buy at lows?)
Reply
FxWirePro Killy_Mel
a year ago
No it will jump till 122
Reply
Killy_Mel FxWirePro
a year ago
i see, thanks) I just thought bearish pattern means downward possibility - I am not trading patterns so have no idea...
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juanclos
a year ago
Well drawn, avoid dreams.
Reply
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