TomHall

USD/JPY - 1h Chart - Cypher & Gartley Pattern

FX:USDJPY   U.S. Dollar / Japanese Yen
1337 5 31
USD/JPY             - 1h Chart - Cypher & Gartley Pattern

Cypher Pattern - Pink
Gartley Pattern - Grey

Price is now approaching the D leg completion of the bearish Cypher Pattern at 120.904.
There are 3 potential targets available for the Cypher Pattern .

1. 0.382% retracement of the C to D move - 120.329
2. 0.618% retracement of the C to D move - 119.971
3. Awaiting price to fall to the D leg completion of the Gartley Pattern - 118.887

Although advanced and harmonic patterns are based purely of price action, we always should be cognizant of the JPY data which will be released at 00.50 GMT            

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Hey Tom,

Just for fun, checkout my pennant swing trade. The swing high is pretty damn close to your D :)

+1 Reply
Let's hope our stars align :-)
Reply
DJC TomHall
Let's hope. The thing is... if the bearish pennant is valid, (which is not a reliable pattern), it could be a continuation of the big falls UJ has already taken. Meaning a big tumble could be seen. The great thing about trading pennants and patterns for continuation is often they allow for immense RRR with super tight SL.

Let's see, best of luck.
+1 Reply
It's now right up into the PRZ zone.
Best of luck also.
Reply
DJC TomHall
sure is :) GL
Reply
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