EUR/JPY - Cypher Pattern

FX:EURJPY   Euro / Japanese Yen
582 5 18
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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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!
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.
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.
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