Oztrade
Long

USDJPY - 60M - BULLISH CYPHER PATTERN

FX:USDJPY   U.S. Dollar/Japanese Yen
151 2 6
Hi All, another one to keep on your radar we have a potential Cypher Pattern here on USDJPY            

I will also be keeping an eye on this pair if price continues upward and we dont break the C leg with a minimum of 62.8% retrace then we may have a Gartley Pattern close to the same entry level as this Cypher .

It will be interesting as we have had a break below B leg but not closed below yet.

I also posted the Bearish Cypher which is still Valid as we have not closed beyond the 1.414% check the pattern that I posted the other day for USDJPY             Bearish Cypher

As always on screen Entry Stops Targets

Entry will be standard 78.6% entry for Cypher

Stops Minimum Level at 1.113% Fib Extension from the A to X leg

Initial Targets will be standard 38.2% and 61.8% Retrace from the C to D leg - Targets to be adjusted on D completion.

Targets will also be just below the 38.2% and 61.8% to ensure we have our targets reached.

Enjoy and take care.
jukilo2000
a year ago
the news of FOCM that probably will not raise rates will be negative for the dollar. do you think it will take a SL?? wait for after the news to put the order? Thanks
Reply
Oztrade jukilo2000
a year ago
Yes most definitely - any orders I have while the FOMC is taking place if my orders are in the green I make sure that I have my S/L just at my entry to protect these big events. If there are orders resting to be filled I simply remove the orders until we have had the release, nothing worse than having an order in place and it enters and stops out all in one very fast move.
+1 Reply
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