USDJPY - Potential bearish cypher pattern
Updated
Bearish cypher pattern completes up at 112.448. Will require a big stop but it offers big potential targets so adjust risk accordingly.
I'm looking for a closed daily candle to signal a bearish reversal after 112.448 is hit. Ideally we'll also see overbought RSI and/or bearish RSI divergence on lower time-frames as price tests this area.
I'm looking for a closed daily candle to signal a bearish reversal after 112.448 is hit. Ideally we'll also see overbought RSI and/or bearish RSI divergence on lower time-frames as price tests this area.
Note
I'll be waiting until daily candle closes but I'm inclined to think we will close with a bearish Shooting Star or Pin Bar completed in the reversal zone. Nice.
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