TomHall
Short

EUR.JPY - BEARISH CYPHER SETUP - 122.702

FX:EURJPY   Euro Fx/Japanese Yen
On the EUR.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 122.702 & 126.402
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 112.415
Stop loss would be placed above X leg structure resistance .

Target 1 - 117.476
Target 2 - 114.460
Comment: Although this setup is 2 months old the setup is still valid and an opportunity for next week.
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when you look at this setup it is really nice bearish cypher pattern, but.... what is not shown is chart time frame before setup. I'm not sure that initial leg of the move is right because market was bearish way before this initial leg of the move.
But...it is bearish setup of the cypher pattern on the time frame that we are looking at.
+1 Reply
TomHall TOP CroCanadian
@CroCanadian, Like i expressed on the AUD.USD setup, the market is subjective what some traders see others may not, this could be due to inexperience or simply down to the rules in their trading plan.
Aslong as your trading plan has a positive edge that's all that matters.
Reply
Tom,

I have same view like you. I expect one more up to about 126.10 level as I have spotted triangular pattern in development with high probabiliyt of break to up side and than drop to levels you marked on chart.

By the way your trading technique is fantastic.

Regards
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