USD.JPY - Short Opportunity @ 113.899
On the USD.JPY Daily 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 113.899 & 115.455
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 109.00
Stop loss would be placed above X leg structure resistance.
Target 1 - 111.688
Target 2 - 110.299
The price reversal zone on this pair is between 113.899 & 115.455
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 109.00
Stop loss would be placed above X leg structure resistance.
Target 1 - 111.688
Target 2 - 110.299
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15min TF chart setup.
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D leg completion at 113.899
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Technical chart breakdown.
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Please note if you are short on this pair i am now expecting price to hit a strong support at 112.00 shown on the above analysis.
There is potential for more upside prior to a D leg completion, however if price continues to fall into next week I will revaluate the setup.