USDJPY - Textbook Bearish Cypher pattern at structure

FX:USDJPY   U.S. Dollar / Japanese Yen
An almost perfect pattern is very, very close to completion and it's a beauty, textbook cypher pattern .

Why ?
AB leg retraces to 0.382 of XA-leg
BC             falls perfectly in between 1.272 and 1.414
CD completion at 0.786 has perfect Fibonacci confluence (see chart)

On top of that we have a previous support level that has already proven resistance in the past just above it.

As with most Cypher patterns, the RR ratio for TP1 is inverted (risk is bigger than potential profit), but as Cypher patterns in general are quite successful, it is definitely worth it. TP2 has an approximate 1.5 RR ratio.

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Comment: TP1 reached, stops can now be moved to break even - experience a risk free trade.
Trade closed: target reached: Sweeeeeeet
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Pain-free trade Nico - Nice one :)
Nice call :)
Nice but missed that
+1 Reply
Nico.Muselle adilnaqvi00786
The market never sleeps, so new opportunities will come along ! :)
arturt Nico.Muselle
great job Nico. i didn't expect that to be that fast. :)) amazing job with that pattern, easy to watch but difficult to make:)
Thanks buddy ... :)
I did not expect it to be that fast either with the price action we saw during the day today ...
arturt Nico.Muselle
exactly, it looks like surgical operation:)
+1 Reply
Luckily nobody's life is depending upon it :D
arturt Nico.Muselle
Miss it
+1 Reply
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