Potential Butterfly Advanced Formation setting up on USDJPY
Hi friends, there looks to be a potential Butterfly advanced formation setting up on USDJPY.
We just witnessed a very strong bullish move up towards the major trend line in blue. This major trend line is drawn on all reaction highs from June/November 2015, December 2016, November 2017, to present.
This trend line was just broken today, but I believe this will turn out to be a fake breakout.
As you can see on the chart, the price is now facing resistance at overlapping Fibonacci levels (the 0.382 in solid black and 0.618 in dotted black).
Additionally, we see the 1.272 extension of AB which is Point D of this formation, around the same level as the overlapping Fibs.
- Stop loss is labeled in red at the 1.414 extension of XA.
- Targets to take profit are listed in green as the 0.382 retracement of AD and the 0.618 retracement of AD.
Instructions: Take 50% profit at target 1, then leave rest of trade open. Once target 1 is reached, move stop loss down to break even where you entered the trade.
Thanks for taking your time to read this analysis and if you liked it, please give it a thumbs up!
We just witnessed a very strong bullish move up towards the major trend line in blue. This major trend line is drawn on all reaction highs from June/November 2015, December 2016, November 2017, to present.
This trend line was just broken today, but I believe this will turn out to be a fake breakout.
As you can see on the chart, the price is now facing resistance at overlapping Fibonacci levels (the 0.382 in solid black and 0.618 in dotted black).
Additionally, we see the 1.272 extension of AB which is Point D of this formation, around the same level as the overlapping Fibs.
- Stop loss is labeled in red at the 1.414 extension of XA.
- Targets to take profit are listed in green as the 0.382 retracement of AD and the 0.618 retracement of AD.
Instructions: Take 50% profit at target 1, then leave rest of trade open. Once target 1 is reached, move stop loss down to break even where you entered the trade.
Thanks for taking your time to read this analysis and if you liked it, please give it a thumbs up!
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