Trading_Jazz
Short

Call 112 - There's a sick selling dollar ;) // IF=THEN ®

FX:USDJPY   U.S. Dollar/Japanese Yen
A lot of things i see here for FX:USDJPY            

1. Major Cypher (1) pointing 112.0; (note:* for this cypher (1) I took the impulse leg with the candle that breaks out the structure and not the bottom of structure, marked on chart with yellow circle);

2. Double top formation forging a 2618 trade setup; (a little lame because the second attempt did not even touched the close price of the first attempt, but the behaviour of price action is very very similar)...
... Double top , breakout the previous structure support , retracement expected on support and hit the 61.8% (also tested previous daily trendline ), sell opportunity with expectancy to break previous structure support (D1);

3. Eventual AB=CD basic pattern born after breakout the weekly support(W1) confirmed with the 61.8% (also part of 2618 setup, as always) pointing the same target around 112.0;

4. Another Cypher (2) with target for point C around the same price, the 112.0; (4h chart looks better)

Trend lines:

1. Bullish Weekly and Monthly trend NOT broken unless the price forges point C below it;

2. Daily trend already broken (part of the confirmation process of this double top trade setup formation)

Check ratios:
Advanced Patterns Ratios

CYPHER:

Point B:
38.2% to 61.8% XA

Point C:
127% to 141% ext XA

Point D:
78.6% XC

Targets:
TP1 38.2% CD
TP2 61.8% CD

Special note: All of this can go wrong if the market keeps rising for dollar ;), in fact it can go higher than those 61.8% creating a "triple top" or even going higher, so take safe trades.

Sorry about the "mess" ;)
Safe trades;
Trading_Jazz
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