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UnknownUnicorn180388
Apr 9, 2017 8:01 PM

USD.JPY - Bearish Cypher Setup - 111.755 Short

FX:USDJPY240
U.S. Dollar/Japanese YenFXCM

Description

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On the USD.JPY 4hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.

The price reversal zone on this pair is between 111.755 & 112.192
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.

Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 110.400
Stop loss would be placed above X leg structure resistance.

Target 1 - 111.115
Target 2 - 110.726

Comment

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Comment

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Price running into a strong resistance level on the 4hr TF.
If we see a break above this i would be cautious entering at the D leg and await more confirmation.

Comment

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Comment

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Please note, this setup is still valid until price breaks below 110.090
ukforexsignalsSELLshortBearish PatternsUSDJPYusdjpyshortxabcdHarmonic Patternsadvancedpatterns
Comments
BerkTurker79
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Bro,
UnknownUnicorn180388
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@BerkTurker79, For me personally there isn't enough touches of the trendline, nevertheless aslong as it fits your personal rules.
BerkTurker79
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@tomhall, I would respect, bro
gha381a
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@BerkTurker79, I m expecting the same
UnknownUnicorn180388
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@gha381a, A breakout has now occured, D leg completion possible as we move into the London ssssion.
TradersmindXMFX
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agreed sir,
same plan but different setup.
good luck for us :D :D

UnknownUnicorn180388
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@tanzil, Nice chart setup, hope you have a good week.
xiaoyan8533
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@tanzil, vevr well
namhoaile91
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Thanks, Tom.
So if price breaks 111.755 (D), we can go long rite?
UnknownUnicorn180388
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@namhoaile91, Hi,
I personally wouldn't go long based on this setup.
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