On the AUD.JPY 4hr chart we have a potential long opportunity's at the D leg completion of bullish Cypher setup.
The price reversal zone on this pair is between 84.456 & 83.740
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets back into 86.700
Stop loss would be placed below X leg structure support .
Target 1 - 85.468
Target 2 - 86.093
The price reversal zone on this pair is between 84.456 & 83.740
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets back into 86.700
Stop loss would be placed below X leg structure support .
Target 1 - 85.468
Target 2 - 86.093
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We have now seen a clean break, a close 85.32 should confirm the trend change.
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There is a potential short opportunity into tomorrow with my target just above the D leg completion.
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Potential short opportunity i will be looking at on the run up to London open.
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A break and retest has now occurred, potential push lower in the coming hours.
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I will be looking short on this pair into Monday's London session.
Daily outlook, bearish RSI divergence