TomHall

EUR/JPY - Cypher Pattern

FX:EURJPY   Euro Fx/Japanese Yen
581 5 17
EUR/JPY             - 1h Chart - Cypher Pattern
Cypher Pattern - D leg completion at 136.602 - Bearish Pattern

Here on the EUR/JPY             1h chart we have 3 potential shorting opportunity's.
First stop is the resistance level just past the A leg of the Cypher Pattern which coincides with a bearish trend line .

If price breaks and closes above 135.962 the first resistance level / trend line the next stop in site should then be at the B leg resistance of the Cypher Pattern .

If price then continues to break the B leg resistance at 136.352, I will be watching price closely as it approaches the D leg completion of the Cypher Pattern at 136.602

Potential Cypher targets are placed at the .382% and .618% retracement of the C to D move.
Stop loss has been placed above X leg structure resistance .

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Thanks for this idea! Nice cypher, hope price will get there, im looking for an entry since yesterday. I expect a long term decline from here. Regards.
+1 Reply
TomHall TOP FullTimeTrader
No problem at all.
I agree, Just playing the waiting game now to see if or how price approaches these levels.
Reply
Oztrade TomHall
Nice one Tom - I am long on this - found a Cypher based on a previous structure consolidation level - X leg was 134.751's - a Stop and Reverse would be ideal.
+1 Reply
It couldn't certainly play out a couple of different ways.
Best of luck, hope it goes well.
Reply
That will be a long traveling with the dollar. Im currently long on this pair from 134.75. Scheduled to run up to about 140. Thanks!
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