Bearish Cypher setting up EURJPY Short

EURO / JAPANESE YENICE

Description

⋅ Feb 9, 2016 10:08 AM

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

EURJPY

Comments

Rdom86

⋅ Feb 9, 2016 10:48 AM

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.