Oztrade
Long

USDJPY - 60M - BULLISH CYPHER PATTERN

FX:USDJPY   U.S. Dollar/Japanese Yen
152 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.
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
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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