On the CAD.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 87.724 & 88.779
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 77.000
Stop loss would be placed above X leg structure resistance .
Target 1 - 82.800
Target 2 - 79.717
The price reversal zone on this pair is between 87.724 & 88.779
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 77.000
Stop loss would be placed above X leg structure resistance .
Target 1 - 82.800
Target 2 - 79.717
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Potential JPY strength in the coming weeks with many daily setups looking short.
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My basic entry rules.
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CAD.JPY - Price holding at strong resistance, a solid RR available
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Price looks to be respecting the 88.500 resistance level, a potential downturn from here.
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Trade update.
