Bearish Cypher Harmonic Pattern would be completed at 111.740.
A broken inverted SHS and trend line resistance at the same level.
We may see a retracement towards 111.500 111.350.
On the other hand; break above the trend line will carry the price 112.400 and 112.700.
I will try short at 111.750 Stop Loss 112.030. Targets 111.500 and 111.350
If the price breaks above the trend line we will be stoped out. However, in this case, the price is likely to retest the trendline and I will enter LONG at the retest level.
Update: Short Trade reached the first target. At the second target, we will close the short positions.
We will update the idea this weekend.
You can follow the trade :
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
COPY OUR TRADES
CHFJPY Bearish Cypher: Involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility