EUR.JPY - BULLISH CYPHER SETUP - 121.597
Updated
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
Note
D leg at 121.597 is now complete, potential long entry.Note
Note
Please note that this setup is valid until it breaks below X leg at 121.132Note
Price finding a little resistance at 122.00 potential consolidation period on the 15min TFNote
If you entered the market at 121.597 your target should be attained.Note
If price breaks and closes about the 122.00 level I expected a push higher towards the target 2 area.Note
Price approaching target 2 if you entered at 121.597
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