CADJPY: Potential Bearish Cypher Pattern

FX:CADJPY   Canadian Dollar/Japanese Yen
Hello Traders,

Here we have a bearish Cypher pattern that is close to completion. The pattern will complete at previous structure resistance level. Since this market has been consolidating for quite a while, it increases the chances of this pattern being profitable. There are 2 options for where to place the stop loss. The 1st and most reasonable place to put a stop loss is 10 pips above the X point. The 2nd place to place a stop loss is 10 pips above previous highest high in the consolidation, which is at 96.807. So 10 pips above this would be 96.907. But the 2nd option doesn't give you a good risk to reward ratio, you will be risking more and getting less reward. So make sure to choose a stop loss level that fits with your trading style.Thank you for your time.

Trade smart and Good Luck !!