USDJPY Short

2017年5月5日

Price on this pair has reached a level of resistance and, according to the cypher pattern, should almost be ready for a short. We have NFP coming out so we will not take any trades until after the initial reaction simmers, but going into next week this will be a pair to watch! There seems to be a support level surrounding the 38.2% retracement level form C to D; once price drops to 112.7 I will adjust my stop loss to 113.8- bulletproofing and ultimately guaranteeing no losses from the trade. Final TP at 61.8% as always.

Cypher ratios:
B: 0.382-.618
C: 1.272-1.414
xD: 78.6%