On the USD.JPY 4hr 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 111.755 & 112.192
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 110.400
Stop loss would be placed above X leg structure resistance.
Target 1 - 111.115
Target 2 - 110.726
The price reversal zone on this pair is between 111.755 & 112.192
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 110.400
Stop loss would be placed above X leg structure resistance.
Target 1 - 111.115
Target 2 - 110.726
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Price running into a strong resistance level on the 4hr TF.
If we see a break above this i would be cautious entering at the D leg and await more confirmation.
If we see a break above this i would be cautious entering at the D leg and await more confirmation.
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Please note, this setup is still valid until price breaks below 110.090