USDJPY-H4-bearish cypher is waiting at key area

FX:USDJPY   U.S. Dollar / Japanese Yen
2246 12 34
Sooner or later the consolidation on this pair should finish. My expectation is a strong breakout to the downside.
Looking at D1 chart price is making a small rally to the upside and is reaching a key area, where we have.

- trendline resistance
- ema 55 as resistance
- strong structure
- a big head and shoulders pattern could be forming


Here on H4 chart a bearish cypher pattern is waiting to be filled, i will place sell limit orders at the 120.500 level
SL and targets on chart

Best regards

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Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).

Comment: Trade active, lets see.
Finally the time is here, the shoulder at the top is complete and this is a super call now to enter short. I am doing that first thing the market opens for there is not much room upstairs anymore. It has gone as high as it can even if it does it will be just a spike but overall, it is ripe for a huge drop before long....And this one no target for profit. I am riding it all the way down to the bottom...
hit SL
thank you for your analysis
There is still room upward guys, hold your horses and first let the pair test it's last highs before you go shorting...

happy profiting everyone.
IvanLabrie PRO ImoneyCorp

We're breaking resistance it seems. It's possible to retest 124.22 in 10 weeks or less, theoretically, as long as we break each and every hurdle above.
I don't think that's likely but if we close the week above 120.084, then I'll simply look to short the top of the impending rally. Any potential resistance level and overbought readings in cci might offer a nice short under the highest daily low in my view.
IvanLabrie PRO IvanLabrie
BTW, can this same pattern evolve into a shark with a higher completion point, at say 1.13?
FullTimeTrader IvanLabrie
You mean 1.3? I doubt price will get there. There are some harmonics patterns at that area also, this is my prefered scenario for a short. The resistance shown on W1 chart will be hard to break. regards.
IvanLabrie PRO FullTimeTrader
1.13 fib for a shark.
Let's see how it goes. I have no bias here, it's mostly sideways for now.
Agreed on this one. This pair has been consolidating and its about time we got a breakout. Preferably to the downside.
Great, I agree, there's potential for a bit more upside here.
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