A lot of things i see here for
USDJPY
1. Major Cypher(1) pointing 112.0; (note:* for this cypher(1) I took the impulse leg with the candle that breaks out the structure and not the bottom of structure, marked on chart with yellow circle);
2. Double top formation forging a 2618 trade setup; (a little lame because the second attempt did not even touched the close price of the first attempt, but the behaviour of price action is very very similar)...
... Double top, breakout the previous structure support, retracement expected on support and hit the 61.8% (also tested previous daily trendline), sell opportunity with expectancy to break previous structure support (D1);
3. Eventual AB=CD basic pattern born after breakout the weekly support(W1) confirmed with the 61.8% (also part of 2618 setup, as always) pointing the same target around 112.0;
4. Another Cypher(2) with target for point C around the same price, the 112.0; (4h chart looks better)
Trend lines:
1. Bullish Weekly and Monthly trend NOT broken unless the price forges point C below it;
2. Daily trend already broken (part of the confirmation process of this double top trade setup formation)
Check ratios:
CYPHER:
Point B:
38.2% to 61.8% XA
Point C:
127% to 141% ext XA
Point D:
78.6% XC
Targets:
TP1 38.2% CD
TP2 61.8% CD
Special note: All of this can go wrong if the market keeps rising for dollar ;), in fact it can go higher than those 61.8% creating a "triple top" or even going higher, so take safe trades.
Sorry about the "mess" ;)
Safe trades;
Trading_Jazz
USDJPY
1. Major Cypher(1) pointing 112.0; (note:* for this cypher(1) I took the impulse leg with the candle that breaks out the structure and not the bottom of structure, marked on chart with yellow circle);
2. Double top formation forging a 2618 trade setup; (a little lame because the second attempt did not even touched the close price of the first attempt, but the behaviour of price action is very very similar)...
... Double top, breakout the previous structure support, retracement expected on support and hit the 61.8% (also tested previous daily trendline), sell opportunity with expectancy to break previous structure support (D1);
3. Eventual AB=CD basic pattern born after breakout the weekly support(W1) confirmed with the 61.8% (also part of 2618 setup, as always) pointing the same target around 112.0;
4. Another Cypher(2) with target for point C around the same price, the 112.0; (4h chart looks better)
Trend lines:
1. Bullish Weekly and Monthly trend NOT broken unless the price forges point C below it;
2. Daily trend already broken (part of the confirmation process of this double top trade setup formation)
Check ratios:
CYPHER:
Point B:
38.2% to 61.8% XA
Point C:
127% to 141% ext XA
Point D:
78.6% XC
Targets:
TP1 38.2% CD
TP2 61.8% CD
Special note: All of this can go wrong if the market keeps rising for dollar ;), in fact it can go higher than those 61.8% creating a "triple top" or even going higher, so take safe trades.
Sorry about the "mess" ;)
Safe trades;
Trading_Jazz
