Bearish Cypher Pattern Short on the CHFJPY

FX:CHFJPY   Swiss Franc / Japanese Yen
After a sharp decline in the CHFJPY a bearish flag has formed. Within this appears a bearish Cypher pattern requiring an uptick for CD completion at the 78.6% level. This acts as an entry for a short trade which sees a retest of the bearish flag lower bound and breakout to the downside, seeking the 112.5 support level . Risks to this include an oversold RSI on the daily and preceding support levels of the flag and pivot points .

This trade hinges on the uptick for a Cypher completion. RSI currently standing at 47.2 meaning there is room to the upside for this completion to occur. The 78.6% entry level is unfavourable due to a mild violation of the flag upper bound required to trigger.

Targets include a 38.2% retrace level of the CD leg, either the 'C' level or the lower bound of the flag and the 112.5 support level . Stop/loss at a minimum could be the 'X' level of the Cypher .
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