Roker1

Jul 10, 2017 10:47 AM

Cypher on USDJPY Short

U.S. Dollar/Japanese YenFXCM

Description

⋅ Jul 10, 2017 10:47 AM

Hey guys,
this is a big cypher pattern that's already completed on USDJPY. This means we are now in a reversal zone, based on the ratios of this pattern. When such a large pattern appears i'd rather play "conservative". I've outlined a reversal box and i'm now waiting for a further confirmation on lower timeframes, such as 1hr and 4hr. Uptrend is still strong but who knows what will happen.

If you have questions or ideas to share, feel free to comment below.
Otherwise, see you in the next chart!

Comment

⋅ Jul 10, 2017 11:03 PM

Order ready:

Trade active

⋅ Jul 11, 2017 12:36 PM

Trade closed: target reached

⋅ Jul 12, 2017 12:38 PM

First target hit! Stops at breakeven now:

Trade closed: target reached

⋅ Jul 12, 2017 1:11 PM

Comments

Jamal92

⋅ Jul 11, 2017 2:26 PM

I just jumped on it. Good luck guys!

Roker1

⋅ Jul 11, 2017 2:46 PM

@Jamal92, good luck!

BMS_TRADER

⋅ Jul 11, 2017 9:08 AM

i suggest make a short steup near 114.65,my moving average is that point

Roker1

⋅ Jul 11, 2017 2:46 PM

@BMS_TRADER, trade your plan! That's wise

tarekdz

⋅ Jul 11, 2017 1:22 AM

roler u ar Rock ;)

Roker1

⋅ Jul 11, 2017 6:52 AM

@tarekdz, thanks!

Mr_Dent

⋅ Jul 10, 2017 2:19 PM

Whats interesting is that Commercial Traders, and Primary Dealers in Particular are amassing Bullish Positions in both USD + JPY, while heavily shorting the EUR rally.. This adds some further evidence to play the JPY rally in EUR vs USD.

Good trading

Roker1

⋅ Jul 10, 2017 2:31 PM

@Mr_Dent, thanks for the info! Good trading!

yofxtrader

⋅ Jul 10, 2017 10:51 AM

I agree with your view, but I have played it on EURJPY, since besides USDJPY, I also consider EURUSD is in a reversal zone for a correction, So I think EURJPY has more potential than USDJPY.

Thanks for sharing.

Roker1

⋅ Jul 10, 2017 10:51 AM

@yofxtrader, thanks for explaining your view. Cheers!