I have been interested in going long the Japanese Yen futures contract since the completion of the large Bullish Cypher pattern (I first saw this idea by @TradingJazz on USDJPY , his original idea is linked below).

I got picked up on a long at .8811 last night but took my small profit when it seemed it was heading back down after making a lower high. I am now looking to get back involved, and have identified two possible bullish patterns : Butterfly and Bat.

The PRZ of the two patterns will likely complete at the trendline since the Yen's December low which is another additional confluence in addition to these two patterns and of course the very large Cypher . As this is a large PRZ I will be watching this zone closely prior to entering in hopes of entering entering as low as possible with the least amount of risk I can to try and enter the possible large move.

If you have any comments or feedback on this idea, or your own view of the Yen, please feel free to share it!
May 17
Order cancelled: Missed this one, too bad. Will get 'em next time!
May 24
Will be looking to see if we get this one last wave down in which I will look to enter!


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