Cross-Eyeing EUR/JPY - Trade Closed
Trade Closed: 2008-06-03 10:03
EUR/JPY hit 162.00 during the afternoon Asia trading session. We moved our stop down to 163.00 to lock in profits and in hopes to catch a further move, but the pair found a bid as soon as the European trading session opened up. Our remaining position was stopped out and closed out with a profit.
1st Half: +135 pips
2nd Half: +100 pips
Total: +0.87% gain
Trade Update: 2008-06-02 17:13
Our trade has hit the first profit target today at 162.65 and we locked in +135 pips on half a position. We have moved our stop on the remaining position to breakeven at 164.00. I'd like to continue to target 160.00 and if we hit 162.00, I will move the stop to 163.00 and trail by 100 pips from there.
Should be a volatile week with all the data coming out, especially on Friday, so stay tuned for updates and quick adjustments. Good luck and good trading!
Trade Update: 2008-05-29 09:40
Our trade was triggered last night and after a brief stint above 164.00, EUR/JPY has dropped a few notches lower to its current trading level around 163.40.
So, we're about +50 pips in profit, thanks to broad based Euro weakness and hawkish commentary from Fed officials. We will continue to hold onto this trade, but stay tuned for updates and adjustments.
Trade Idea: 2008-05-28 17:44
Greetings fellow currency junkies! We have got a short trade opportunity on EUR/JPY as the pair tests a falling trendline on the Daily chart.
On the chart, we can see the pair finding resistance at the falling trendline, in which it is currently testing. Also, stochastics are indicating the move from 159.00 to 164.00 may be running out of steam.
The pair has risen recently as risk appetites rise as commodities, specifically oil, takes a hit. Equities and carry trades (like long EUR/JPY) have risen on this volatility, but will it last? If not, are traders ready to jump back long into the Japanese Yen at the trendline? We'll have to see and with much event risk coming out this week for both the Euro and the Yen, there may be enough interest to push the pair one way or another.
I like a short play for now on the technical setup.
Short EUR/JPY AT 164.00, stop at 165.35, pt1 at 162.65, pt2 at 160.00
Remember to never risk more than 1% of your account on any single trade. Adjust position sizes accordingly.
Stay tuned, good luck and good trading!
