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