USDJPY - Bullish Cypher - Fib confluence in PRZ

FX:USDJPY   U.S. Dollar / Japanese Yen
592 0
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.
Cut your hidden banking costs !
Sign up with my link and get a free Revolut card for awesome exchange rates abroad.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out