Cad/JPY Bearish Cypher
Updated
Hey guys, today I'm looking at a couple of position on the JPY. The Japanese adjusted trade balance is expecting this evening at 00:50 GMT+1, with a positive consensus of 610 Billion higher than the previous release of 1.03 Trillion.
With this in mind I have decided that it wouldn't be a bad idea to look at the potential entries in advance. The Cypher pattern here forms at a level of daily resistance where price has previously acted as support (see below).
Cypher ratios are as follows:
B = 0.382-0.618
C = 1.272-1.414
X to D = 0.786
Risk is at 2:1 and will be adjusted as the trade develops! I will update as time progresses.
With this in mind I have decided that it wouldn't be a bad idea to look at the potential entries in advance. The Cypher pattern here forms at a level of daily resistance where price has previously acted as support (see below).
Cypher ratios are as follows:
B = 0.382-0.618
C = 1.272-1.414
X to D = 0.786
Risk is at 2:1 and will be adjusted as the trade develops! I will update as time progresses.
Note
Here's a quick look at resistance surrounding the pattern..Order cancelled
Unfortunately this trade is no longer valid as it has pushed past our X point. I was ideally waiting for a break of the support at the D point after the shooting star and bearish engulfing on the 1 hour. Since yesterday's increase in Oil prices, thus increase in the value of the CAD, it seems the Canadian Dollar was just too strong for the JPY in this instance.
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