While I'm not a huge fan of scalping and would much rather medium to long term trades, I thought I'd share the potential formation of a bullish butterfly pattern on EURJPY that some of you might like to take. The target seems to be a very strong one that is supported by weeks of past data - which when paired with the RSI that seems to indicate a reversal - means that this formation is more than likely to occur. All we need to do is wait and see if the CD leg will indeed be completed.
Comment:
Judging by the movement of the price, it seems to have bounced off the 120.005 S&R mark and is now looking to hit the target. Less pips for the taking, but something is better than nothing!
Trade closed: target reached