GBPJPY 4h Cypher Pattern + Support
Updated
This is adding to my idea (previously posted). If that fails then price may fall further to breach the bottom channel at which point the X leg for this Bull Cypher patterns sits right at the a major support line on the Daily Chart (please scroll back).
When channels are breached price usually goes to retest the breached level and this is where you would take your first target (which would be a few pips below 38% Fibonacci drawn from C leg to end of D leg for this Cypher (in blue).
When channels are breached price usually goes to retest the breached level and this is where you would take your first target (which would be a few pips below 38% Fibonacci drawn from C leg to end of D leg for this Cypher (in blue).
Note
Took Profit +131 pips
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