On the EUR.JPY Daily chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 122.627 & 126.339 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 112.611 Stop loss would be placed above X leg structure resistance.
Target 1 - 117.437 Target 2 - 114.257
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A nice daily candle close, potential for a push lower into today / Monday
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If you are looking to take this position short the setup is still valid.
Tom, thanks for the idea. I've been closely following you and have profited from your ideas, thank you! With this one, what is your timeframe? Conscious that ECB IR decision coming up in 4hours, and was wondering if I should wait for that first. Perhaps there could be more upset pending, however EUR/JPY behaviour is not really my area of expertise. I'm relatively new to forex. Thanks!
@candri, Hi,
That is great to hear :-)
If you are nervous about taking a position it would be best to stay out of it, especially if you take news into consideration.
This chart is the Daily timeframe.
candri
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@tomhall, Thank you! :) I will give it bit more time. I will most probably enter this trade in few hours, gauging for reaction immediately after the news. Have good day!
All of your EUR pair setup is fantastic :)