USD.JPY - BULLISH BAT & CYPHER SETUPS - 103.653 & 103.634 Long

U.S. Dollar/Japanese YenFXCM

Description

⋅ Nov 2, 2016 7:20 AM

On the USD.JPY 1hr chart we 2 potential trade opportunity's at the D leg completion of a Bullish Cypher & Bat setup.

Bullish Cypher Setup ( Light Blue ) - D leg completion 103.653
Target 1 - 104.365
Target 2 - 104.813

Bullish Bat Setup ( White ) - D leg completion 103.634
Target 1 - 104.354
Target 2 - 104.798

Bullish Bat Setup: Stop loss would be placed below X leg structure support.
Bullish Cypher Setup: Stop loss would be placed below X leg structure support.

Comment

⋅ Nov 2, 2016 4:28 PM

RSI bullish divergence on the 1hr timeframe could be a strong indication price is looking to reverse at the 103.20 support level.

Comments

theforexscrub

⋅ Nov 3, 2016 4:03 AM

Can someone explain the catalyst for the huge drop on a japanese holiday??? This was a strong set up for long!!!

UnknownUnicorn180388

⋅ Nov 3, 2016 7:06 AM

There are many subjective reasons why price dropped. many assume it is to do with consumer confidence results out of Japan.

BrianYeeSengFu

⋅ Nov 3, 2016 2:09 AM

still can hold usdjpy long????

UnknownUnicorn180388

⋅ Nov 3, 2016 7:06 AM

Personally I didn't take this pair long as we needed extra confirmation prior to entry.

ic3frogg

⋅ Nov 2, 2016 9:47 AM

Love u Tom godbless

UnknownUnicorn180388

⋅ Nov 2, 2016 11:27 AM

Have a great week! :-)

Beebags

⋅ Nov 2, 2016 9:10 AM

Nice confluence there Tom, good stuff!

UnknownUnicorn180388

⋅ Nov 2, 2016 9:12 AM

Thank you Luke.

piptamil

⋅ Nov 2, 2016 9:08 AM

Thanks tom.. as always great analysis...

UnknownUnicorn180388

⋅ Nov 2, 2016 9:11 AM

Thanks very much, have a great day.