On the USD.JPY 1hr chart we have a potential short opportunity at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 115.938 & 116.864 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets at around 113.200 Stop loss would be placed above X leg structure resistance.
Target 1 - 114.640 Target 2 - 113.848
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Bearish divergence has now formed.
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I have received a number of PM's asking if they should go long until the D leg. For me personally it isn't in my trading plan, however I do see this market pushing higher in the coming hours.
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Price quickly approaching D leg completion.
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Pending order method available on the setup.
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5 EASY STEPS TO TRADE THE GARTLEY PATTERN
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D leg completion or a head and shoulders setup?
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Bearish RSI divergence has now formed after a breakout. I am still expecting a pullback prior to a push higher.
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We have now seen a breakout of the head and shoulders setup. A potential move lower into next week.
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Although price has now pushed away from our D leg completion the setup is still valid.