USD/JPY Bullish Butterfly
A tempting counter trend trade opportunity for the USD/JPY
pair. Only enter this trade once price has closed above
106.380.
This level is of high significance for the short term,
as it is not only the level of Point B, but also it is the 61.8%
Fibo retracement from 98.787 to 118.662
Price has already been rejected there 3 times as can be
seen, however, a break and close above it will send this
pair closer to the 200 SMA above.
Also, right on top of the 106.380 level is the 55 SMA, again,
if price could close above here it may signal at least a good
base for a medium term bullish run, extending to the 111.00
level above.
Entry: Close above 106.380
S/L: 105.732 (For a 2:1 RvR ratio)
T/P: 107.676 (Point C)
Happy trading
A tempting counter trend trade opportunity for the USD/JPY
pair. Only enter this trade once price has closed above
106.380.
This level is of high significance for the short term,
as it is not only the level of Point B, but also it is the 61.8%
Fibo retracement from 98.787 to 118.662
Price has already been rejected there 3 times as can be
seen, however, a break and close above it will send this
pair closer to the 200 SMA above.
Also, right on top of the 106.380 level is the 55 SMA, again,
if price could close above here it may signal at least a good
base for a medium term bullish run, extending to the 111.00
level above.
Entry: Close above 106.380
S/L: 105.732 (For a 2:1 RvR ratio)
T/P: 107.676 (Point C)
Happy trading