Euro / Japanese YenShort
(Possible) Bearish Butterfly, EURJPY 1H
This is far from completion, but we have the 2 clues needed to watch out for a possible butterfly formation. We had price hit an 88.6% of XA but not close above; also had the secondary retracement do the same (88.6 touch but not close above). This leads us to a possible extension (leg CD) going up to a 161.8 to a 261.8, with confluence numbers coming in at 1.26 to 1.618 of XA). We have a zone of confluence as seen, so we will be looking for shorting entries in that zone. Stops placed a couple of ticks above the high. Targets at 38.2% of extension and 61.8%.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.