Bullish Cypher Pattern setting up on USDJPY hourly chart
Attached is an image of a cypher pattern setting up on the USDJPY hourly.
Details are in the image, but to recap:
Entry is between 119.467 and 119.335. Up to you how deep you think it will dive.
Stoploss is below X (indicated in the image). I'm putting mine around the 119.170's.
Target 1: 38.2% retracement of CD. 119.856
Target 2: 61.8% retracement of CD. 120.174. However, 120 is an even-handled number and may be a stubborn resistance level, so perhaps lower the Target 2 to just below 120.
Details are in the image, but to recap:
Entry is between 119.467 and 119.335. Up to you how deep you think it will dive.
Stoploss is below X (indicated in the image). I'm putting mine around the 119.170's.
Target 1: 38.2% retracement of CD. 119.856
Target 2: 61.8% retracement of CD. 120.174. However, 120 is an even-handled number and may be a stubborn resistance level, so perhaps lower the Target 2 to just below 120.