Price based out and was accumulated around $12 for over a year. Now we have a breakout of the cup and handle or frying pan with strong volume. Near term the first major area of resistance will be $115. At current prices this would be around 100% gain on the trade.
GBPJPY appears to be making a BARR reversal pattern. This is a pattern from Thomas Bulkowski...
We are right off the 61.8 fib from the down move. We have printed an outside reversal bar. Tomorrow is NFP so expect some type of upthrust before we come down. If I'm correct about this pattern, these like to fall hard and fast!
If we can close above the neckline strongly, OIL is going to $75 a barrel with 6 months. Also likely and probably fitting into the strong USD idea is a rejection of the neckline with Price Action. A short down to the right should at this point is a solid trade.
Cypher Patterns are more rare and run against higher highs and higher lows. Therefore this is a riskier trade. That said the fibs all match, DMACD crossing the zero line and volume all favor the downside.