Greetings fellow traders, today we are analyzing the GBP/JPY Daily chart, looking at a potential Bullish Butterfly Pattern.
The pattern is in the process of the C to D leg, with a risk to reward of at least 1:4, possibly more if it hits the Fibonacci retracements and begins an upward trend.
The measurements for a butterfly pattern are detailed below:
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.240
Final X to D: 1.272
Please share your thoughts!
The pattern is in the process of the C to D leg, with a risk to reward of at least 1:4, possibly more if it hits the Fibonacci retracements and begins an upward trend.
The measurements for a butterfly pattern are detailed below:
B: 0.786
C: 0.382 - 0.886
D: 1.618 - 2.240
Final X to D: 1.272
Please share your thoughts!