Cohiba93

Potential Bullish Butterfly Pattern on CADJPY

Long
FX:CADJPY   Dollaro canadese / Yen giapponese
As the title suggests, the formation of a bullish butterfly pattern seems to be very likely. This is especially true as it complies with the bearish overall pattern (marked by the orange lines) as well as strong S&R levels at points C and D. Obviously, we have two moves here: a conservative approach and an aggressive approach.

The aggressive approach involves riding the wave up to point C then selling accordingly.
Entry: 86.113
TP: 87.463
SL: 85.598

The conservative approach only involves selling when the price hits its peak at C.
Entry: 87.424
TP: 84.32
SL: 87.716

As always, this is merely the result of my own personal analysis and this idea may be completely wrong so be cautious when trading.
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