GBPJPY: Cypher pattern completed (4 hr)

We just completed a Cypher pattern in GBPJPY pair on 4 hour chart. The risk to reward ratio for the 1st target is just a little bit more than one to one. It might be better to wait for a deeper completion of the D point. This will help you further reduce your risk on this trade and it also gives you time to wait for extra bit of conformation. There is also minor resistance level present at the 78.6 fib. level.

NOTE: Also keep in mind that we have interest rate news coming out tomorrow from US and New Zealand.

Trade safe and Good Luck to all.