LukeFagan
Short

Bearish Cypher Pattern 4HR Chart

FX:GBPJPY   British Pound / Japanese Yen
Price action has confirmed its bearish rotation by breaking through the previous support around 145.280 and closing below. Price action is now creating a Lower high and in doing so has created a bearish Cypher pattern.

I am currently short with 2 positions targets.

Target 1 145.251 (61.8 PIPS)
Target 2 144.783 (108.5 PIPS)

Potential total trade winnings (170.3 PIPS)
Potential Trade Loss (-115.4 PIPS)

Bearing in mind price action could possibly push up higher, creating that that lower high also a 2618 entry reason
Trade closed: stop reached: Re entered Short again as i got stopped out on the Cypher entry
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