USDJPY - SHORT ON COMPLETION OF BUTTERFLY

This tasty trade should come on close on Friday........

Reasons to Short

Completion of Bearish Butterfly 1.618 ext. price 101.9
Retest of 3 month established downtrend line resistance
retest of uptrend resistance
Bearish on weekly timeframe targeting 94.7 (618fib) for Take profit
SL just above trendline / excellent risk/reward ratio...

Comment:

coming earlier than expected!!!

Comment:

false alarm..i will wait...

Comment:

Bullish Cypher forming...buy at point D...I will take profit at completion of butterfly..its never wise to trade a butterfly before it completes but the cypher gives us this permission...

Comment:

We are aprroaching downtrend line resistance..I will short when we hit the resistance and support line is broken....its very important support is broken on this trade as if support holds it could break up...its bearish continuation so low risk...my TP 1 will be previous low around 100.00 and TP 2 will be bottom of the channel...

Order cancelled:

Idea inow nvalid...broken resistance...I will long on a pullback and retest of trendily

Comment:

I will be careful with any longs here as RSI is very high as is the case with DXY (dollar index)..so this could well be a false breakout...