Capra
Short

USD/JPY Simple ABCD Pattern

FX:USDJPY   U.S. Dollar/Japanese Yen
122 3 4
Simple ABCD pattern where you could sell at point D & stops could be placed at previous structure levels

A retrace of .786 from the A to D move would form the point D of a bullish Cypher pattern
Comment: ABCD did not play out, watching for potential cypher pattern

snapshot
Comment: Now also have a potential butterfly pattern forming where point D would be in the area of the original ABCD pattern short zone. Watch for the 1.27/1.618 extension

snapshot
So you believe the selling as of now is just a corrective move heading up towards the D-Leg around 115 ?
Reply
Capra TradZ
Thank you for your comment Tradz, I will not speculate and just trade what I see, IF price moves to potential short zone (yellow zone) I will look for weakness in shorter time frames, if the short looks good I will place stops at previous structure levels. Good luck
Reply
TradZ Capra
I see! Thx
+1 Reply
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