PetriKleynhans
Short

Bearish Cypher setting up EURJPY

FX_IDC:EURJPY   EURO / YEN
24 1 0
Hello everyone, this is my first chart, so please give input.

Reasons for trade:
EURJPY             in downward trend.
Previous support comes in at C (128.011).

It's still a long way off, but it does provide a nice opportunity to set up a short trade if the Cypher pans out.

Cheers!
Petri
On the 15m chart we have a close below the 1.414 extension which invalidates a Cypher for me. However on the hourly I believe it remains valid so I would still take it, but on the higher hourly time frame.
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