Earlier in the week I shared with you my idea for a potential bullish Cypher pattern here on the USDJPY and as you can see price action has yet to reach the “D” completion point. In Tuesday’s Live Trading Room session we were able to capture some profit on a long entry as the market retested the Cypher “B” leg and now price action looks to be retesting that zone once again.
I want to keep this as simple as possible but here’s what I’m looking at going into today’s trading. 1) Another potential long entry at the same level as Tuesday’s trade (orange box). Not only does that represent previous structure support, but we would have a nice harmonic move heading into that level as well. I haven’t drawn in any Fibonacci yet but I would assume some type of confluence too.
2) The potential Cypher pattern completion from earlier in the week and…
3) A potential Bullish Gartley pattern that has now formed as well. I’ll see if I can record the Live Analysis I do on this pair during this morning’s Live Trading Room session and add it to today’s Youtube video ( youtube.com/channel/UCVveEks3MWZqOsvzTF_LGQg?sub_confirmation=1 )