USDJPY 60M Yellen spike but not out of the woods just yet
Packing everything into a 60m chart here and hope it remains clear. Updated channel from yesterday. always a bit ambiguous as to which H&L to use but this is a “road map” and not a bible. Today’s five day AvDaRa is approximately 160 points from the current H&L and plotted accordingly. price is taking a breather at the 200SMA as I write (green) and still needs to break the upper channel convincingly to inspire the BULLS. 100SMA (blue) just a bit negative on these charts presently on the curve downward but it is the 10/20EMAs to watch out for (black/red). I have a make or break point down below bang on 112 with the all important 38th FIB and SUPPORT just hanging below . . . these markers are still valid until invalidated.
USD.JPY – bearish CYPHER SETUP – 115.938
On the USD.JPY 1hr chart we’ve a possible short chance at the D leg completion of pessimistic Cypher setup. the price reversal zone on this pair is between 115.938 & 116.864 The PRZ zone is only a guideline of where we’ll 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’s also chance to look for extended targets at around 113.200 Stop loss would be placed above X leg structure resistance. Target 1 – 114.640 Target 2 – 113.848