Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: 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

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.