EUR.JPY - BULLISH CYPHER SETUP - 121.597
On the EUR.JPY 1hr chart we have a potential long opportunity's at the D leg completion of bullish Cypher setup.
The price reversal zone on this pair is between 121.597 & 121.132
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 back into 123.00
Stop loss would be placed below X leg structure support .
Target 1 - 122.252
Target 2 - 122.657
The price reversal zone on this pair is between 121.597 & 121.132
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 back into 123.00
Stop loss would be placed below X leg structure support .
Target 1 - 122.252
Target 2 - 122.657
Komen:
D leg at 121.597 is now complete, potential long entry.
Komen:
Komen:
Please note that this setup is valid until it breaks below X leg at 121.132
Komen:
Price finding a little resistance at 122.00 potential consolidation period on the 15min TF
Komen:
If you entered the market at 121.597 your target should be attained.
Komen:
If price breaks and closes about the 122.00 level I expected a push higher towards the target 2 area.
Komen:
Price approaching target 2 if you entered at 121.597