ThomasJeff_DCM
Short

Short Cypher pattern on the minor down trend on the H1 timeframe

FX:USDJPY   U.S. Dollar/Japanese Yen
After i posted a bigger Cypher on the H4 timeframe a few days ago, price have been in a consolidation state. But on the H1 i see a minor down sentiment where we have a smaller Cypher pattern that may complete if price retrace to privious outside return lower low. Entry would be at 119.830 and target one at the 0.381 fib level at 119.425

Unfortunately price made another outside return and another lower low, lower close below C leg making this pattern unvalid so orders should be taken off. I think we can determine we are in a downtrend now as we also closed under the last big swing low at 118.708
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