USDJPY: A Lot Going On Here So Let Me Explain

FX:USDJPY   U.S. Dollar / Japanese Yen
Earlier in the week I shared with you my idea for a potential bullish Cypher pattern here on the USDJPY             and as you can see price action has yet to reach the “D” completion point. In Tuesday’s Live Trading Room session we were able to capture some profit on a long entry as the market retested the Cypher “B” leg and now price action looks to be retesting that zone once again.

I want to keep this as simple as possible but here’s what I’m looking at going into today’s trading.
1) Another potential long entry at the same level as Tuesday’s trade (orange box). Not only does that represent previous structure support , but we would have a nice harmonic move heading into that level as well. I haven’t drawn in any Fibonacci yet but I would assume some type of confluence too.

2) The potential Cypher pattern completion from earlier in the week and…

3) A potential Bullish Gartley pattern that has now formed as well.
I’ll see if I can record the Live Analysis I do on this pair during this morning’s Live Trading Room session and add it to today’s Youtube video ( https://www.youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1 )

Akil Stokes
Chief Currency Analyst at Trade Empowered
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Pain free trade :)
Sorry guys, I forgot to share with you the link that I promised you yesterday looking at the "structure" trade on this pair. Here you go "Successful Trading: A Great trading Success Story" The Yen trade starts at minute 2:35 https://www.youtube.com/watch?v=OnzLKZhfSzM
cha-ching, Akil
+1 Reply
Akil_Stokes Alexander_Nikitin
Music to our ears
Gartley worked great Akil.
I'll be monitoring the Japan CPI news in 15 minutes. It might continue higher or take a dramatic turn down.
+1 Reply
Akil_Stokes IvanLabrie
Indeed it did, love the pain free trades
nice movement upside :D
+1 Reply
Looking good so far. Target 1 hit now see you guys in target 2 :-)
+2 Reply
Indeed, pain free profits
I'll try to get my positions as close to the X point of the cypher as possible.
+1 Reply
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