USDJPY Bearish Cypher update. Another short opportunity? Short

U.S. Dollar/Japanese YenFXCM

Description

⋅ Sep 10, 2015 11:02 AM

Bearish cypher completed. Target 1 met at 0.382 retracement of CD leg.

Market has reversed and looks like it wants to test the PRZ area. This may be an opportunity to short again. I would only short now if it reaches the yellow line.

Reasons to short now:

1) RSI bearish divergence.
2) Retest of breakout (yellow line)
3) Retest of PRZ.
3) RSI overbought area
4) Top of the bollinger band

Thanks for looking!

Comments

FullTimeTrader

⋅ Sep 10, 2015 4:20 PM

Agree, was looking this pattern yesterday, i missed previous entry and im shorting now. My bias is long term, last target is D1 lows.