EverythingForex

UPDATE:USDJPY: Completed Triangle (+123 pips) + Cypher *INVALID*

FX_IDC:USDJPY   U.S. Dollar / Japanese Yen
174 0 5
This cypher has been invalidated because prices have closed below the X point of the cypher . At this point, I will not take any LONG trade on this pair and will wait for another good opportunity to go SHORT again upon a retrace. Do I think it will retrace from here? Yes, I do think there will be a retrace back up. But for now, until I see something more evident, I'll sit on the side.

There is a structure trade to make here but without more evidence other than structure, I would not feel comfortable taking a trade AGAINST the trend. As I have mentioned in my previous post (see Related Ideas: "ANALYSIS: USDJPY: MAJOR Trend Change Forthcoming?" and "TRADE: USDJPY:2 LONG-TERM Patterns Could Yield 1000+ pips"), I believe we are at the beginning of a MAJOR trend down. And so would be foolish to take unnecessary risk against the trend unless there is STRONG reason to do so.

I\ll be re-analyzing this pair to see where there might be good opportunities to make some pips though, so stay tuned.
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