2018May21 USDJPY H1 Possible Bullish Cypher

21 Mei 2018

USDJPY has recently been on a strong uptrend. If price retraces from its current level, then the swing high will be point C of the possible bullish cypher which allows us to project point D. I am looking to go long once price hits the 110.288 level. Price should at least be supported at this level if the uptrend is to continue as this would be in confluence with the support of the uptrending diagonal channel. Stop loss would be below point X while take profit targets are at the 38.2 and 61.8 Fibonacci retracement of leg CD. I plan to update this post if it remains valid and I see a specific trade setup available.

Trade Setup: Possible Bullish Cypher
SL 110.023
TP1 110.711
TP2 110.972
*Price Entry, SL pips, TP1 pips, TP2 pips, RRR1, and RRR2 are yet to be determined.

9 Jun 2018

Nota

This setup is canceled as there was no confirmation of the bullish bias upon D completion. (May 23)