Cypher Pattern on NZDJPY 240 CHART 9-3-13

4 Sep 2013

Here we have a textbook (perfect) cypher pattern that is hitting the target D as we speak. C hits almost right at the 1.41 fib and B is right at the .382 level. our target areas at CDFIB .382 and .618 are marked here. RSI is at oversold. Risk reward is very good at over 2:1 at the first target. Another plus for this is that target D is also right at August 15th resistance level. Lastly, it appears that the up-trend is possibly exhausted at the 5th wave at target D.