Nico.Muselle

USDJPY - Bullish Cypher - Fib confluence in PRZ

FX:USDJPY   U.S. Dollar/Japanese Yen
588 0 7
A bullish cypher pattern is setting up and current price action is indicating that there is a good chance it will be completed. The previous support around 119 has now become resistance and price is likely to go down. We might see a little more struggle around the B point of this Cypher pattern (green dotted line) but I do not expect this to be a showstopper.

The potential reversal zone (PRZ) is made up of previous structure and quite some Fib confluence (see chart).

So summarized, first a downward move till around 117, after that we might see price rallying again.
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