GBP/JPY - Bullish Butterfly

There are some amazing setups forming on the charts, here we have GBP/JPY on the 4h chart with a potential bullish butterfly pattern. Excellent opportunity with over 1:4 risk to reward!

The measurements for a valid butterfly pattern are detailed below.
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.24
X to D: 1.272

I'll be looking for additional analysis once price approaches the potential reversal zone.

I hope you all have a great week of trading :)

Kommentar:

We're now 120 pips off the reversal zone, keep an eye on this setup going into next week!