AUD.JPY - BEARISH CYPHER SETUP - 83.391 — Australian Dollar/Japanese Yen (FX:AUDJPY) / 2016-11-11 — TomHall

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Australian Dollar/Japanese Yen (FX:AUDJPY)

FX:AUDJPY Australian Dollar/Japanese Yen

ukforexsignals sell short bearish audjpy cypherpattern harmonicpatterns xabcd

On the AUD.JPY Daily chart we have a potential short opportunity's at the D leg completion of bearish Cypher setup.

The price reversal zone on this pair is between 83.391 & 86.360
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 74.655
Stop loss would be placed above X leg structure resistance .

Target 1 - 79.243
Target 2 - 76.658

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Great Analysis TomHall . Yes, i agree. The Stochastic RSI in daily is presently at 62.41 and is inching up. The price is expected to fulfill the D extension at at 83.368 ( being 1.27 D extension) of up AB boundary ( A = 74.547, B = 81.49, C retracement = 75.958)

sundark

@sundark, Thanks very much.
100% agree, let's see how the market reacts into next week.

TomHall

@TomHall, why audjpy still going up ?

MustafaKeles

@MustafaKeles, Price broke above the 80.60 level so we will be watching for a D leg completion at 83.391 to get short.

TomHall

@TomHall, thx for answer :) I am at short position still lost but ll wait :)

MustafaKeles

@MustafaKeles, As long as the position met your rules, it's a good trade.

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