EUR/JPY - Bullish Butterfly (150+ Pips)

Here we are looking at EUR/JPY on a 4h chart with a perfect bullish butterfly harmonic pattern, price is currently bearish but I am looking for price to stall out on our D point followed by a major reversal heading towards resistance at 113.900 before continuing to make a moving lower.

Spotting a 'perfect' bullish butterfly can be difficult, here are the ratios:
B: 0.786
C: 0.50 or 0.886
D: 1.618 (Almost perfect)
X to D: 1.272

All-round we have a very good opportunity, price is oversold and we are trading with a 1:2 risk to reward. I will be waiting for further confirmation before entering!

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Trade attivo:

Entry: 112.200

Commento:

Stop loss moved into profit

Trade chiuso: obiettivo raggiunto