I posted the Daily chart a couple days ago; here is the weekly chart which is a bit clearer for people. Again, I'm looking to get long around 61.30s to not miss the move. I would expect a retest of the B point, but I will usually just stick with a 1:2 R/R and move on. Volume saw increase during ascent of the 'XA' leg and fell off during the decline and maturity...
Coming off 52 week highs for the identified 'XA' leg. 37.50 is clean support on both daily and weekly charts. There is also very nice bullish momentum divergence seen on the Mac-d histogram. Enter Long just in front of the 'D' point at 37.55 Stop Loss below 'X' point around 36.60 My initial Profit Target will be 38.75 which should see resistance with second...
**WT +144 Pips** An advanced butterfly pattern is very possible now that price has had a close above the B point. There is an abcd pattern that did not see a completion and with the give waterfall drops that have been going on in EURJPY a short would be the best play I can think of in this pair.
Bearish butterfly has been formed. PRZ is tested.So if 96.420 won't be breached we can experience downside move to 94.07 (TP1 and 38.2 retracement of CD leg), 93.0 (TP2 and harmonic B point)