USD/JPY forms bearish butterfly pattern, good to buy at dips
Harmonic pattern formed: Bearish Butterfly pattern
Potential Reversal Zone (PRZ)-122.60
USD/JPY has recovered till 120.65 after making a low of 119.71 yesterday. It is currently trading at 120.49.
Short term trend is still bullish as long as support 119.60 holds and break below drag the pair further down till 119/118.60.
On the higher side short term resistance is around 120.75 and any break above targets 121.30/122.
It is good to buy at dips around 120.25-30 with SL around 119.60 for the TP of 121.30/122
Potential Reversal Zone (PRZ)-122.60
USD/JPY has recovered till 120.65 after making a low of 119.71 yesterday. It is currently trading at 120.49.
Short term trend is still bullish as long as support 119.60 holds and break below drag the pair further down till 119/118.60.
On the higher side short term resistance is around 120.75 and any break above targets 121.30/122.
It is good to buy at dips around 120.25-30 with SL around 119.60 for the TP of 121.30/122