That long term down trend on the yen across majors/crosses has broken and price for a while was on the up. We have since saw price enter into a consolidation phase with unconvincing candles on the daily chart. on the 8th of February, price burst with a bullish impulse wave- the following correction waves made a solid and successful Gartley movement (which I previously posted; see link below). Now with price still retracing from that impulse, we see a butterfly formation. The D point sits bang on the resistance/support pivot point from which the impulse wave originally bounced. This makes for a great long entry point! Stop loss at 50 pips of the D level of 85.413; the first and second take profit levels will land at the 0.382% and 0.618% retracement levels (respectively) to points A:D. One can either wait for the whole .618%, or take profit at .382% then re enter with half of their position!
Price has found support at our initial X point and retraced. This would normally be fine as long as price essentially continues to our D point. However, as price has closed above our C point, this renders the pattern invalid.
@EsmailBoumrah, sticking with the harmonic patterns, I am inclined to stick to the butterfly. That said, I have since drawn up a bearish pattern on the AUDNZD, which would actually agree with your analysis. Since the direction of the patterns contradict one another I feel I have a decision to make! Take a look at the AUD/NZD pattern- price is rallying towards the PRZ and is reaching an overbought level on RSI!