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.
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.
UnknownUnicorn180388
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No problem at all.
I agree, Just playing the waiting game now to see if or how price approaches these levels.
Oztrade
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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.
UnknownUnicorn180388
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It couldn't certainly play out a couple of different ways.
Best of luck, hope it goes well.
hope.bleecker
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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!