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

U.S. Dollar/Japanese YenFXCM

Description

⋅ Sep 22, 2015 5:31 AM

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

Comments

juanclos

⋅ Sep 22, 2015 10:19 AM

Well drawn, avoid dreams.

Killy_Mel

⋅ Sep 22, 2015 5:57 AM

if the pattern is bearish, is not it a risk to buy at lows?)

FxWirePro

⋅ Sep 22, 2015 5:58 AM

No it will jump till 122

Killy_Mel

⋅ Sep 22, 2015 5:59 AM

i see, thanks) I just thought bearish pattern means downward possibility - I am not trading patterns so have no idea...