EUR/JPY - 1h Chart - Cypher Pattern
Cypher Pattern - D leg completion at 136.602 - Bearish Pattern
Here on the EUR/JPY 1h chart we have 3 potential shorting opportunity's.
First stop is the resistance level just past the A leg of the Cypher Pattern which coincides with a bearish trend line.
If price breaks and closes above 135.962 the first resistance level / trend line the next stop in site should then be at the B leg resistance of the Cypher Pattern.
If price then continues to break the B leg resistance at 136.352, I will be watching price closely as it approaches the D leg completion of the Cypher Pattern at 136.602
Potential Cypher targets are placed at the .382% and .618% retracement of the C to D move.
Stop loss has been placed above X leg structure resistance.
www.UKForexSignals.com
Cypher Pattern - D leg completion at 136.602 - Bearish Pattern
Here on the EUR/JPY 1h chart we have 3 potential shorting opportunity's.
First stop is the resistance level just past the A leg of the Cypher Pattern which coincides with a bearish trend line.
If price breaks and closes above 135.962 the first resistance level / trend line the next stop in site should then be at the B leg resistance of the Cypher Pattern.
If price then continues to break the B leg resistance at 136.352, I will be watching price closely as it approaches the D leg completion of the Cypher Pattern at 136.602
Potential Cypher targets are placed at the .382% and .618% retracement of the C to D move.
Stop loss has been placed above X leg structure resistance.
www.UKForexSignals.com