EUR/JPY bullish harmonic butterfly
Updated
There is a nice bullish butterfly pattern on W1 and I have been watching it for 2 weeks already. After today's ECB decision EUR gathered some strength and is going up. H4 is having some RSI divergence as well.
A good entry would be a small pullback on H1 chart (Stoch should get near bottom) and the price around 119.1, leaving H4 support intact. Once we see the support holding - a position can be bought with initial target of 120, TP2 at 120.595 , TP3 123.35 where W1 resistance is located.
A good entry would be a small pullback on H1 chart (Stoch should get near bottom) and the price around 119.1, leaving H4 support intact. Once we see the support holding - a position can be bought with initial target of 120, TP2 at 120.595 , TP3 123.35 where W1 resistance is located.
Note
The pair may drop very soon so it is best to book any profits remaining and reenter at a better spotTrade closed manually
Not worth risking it as it lack strength
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.