Pick of the Day: EUR/JPY -Trade Closed

Trade Update: 2007-03-19 00:20

We saw the Yen weaken during the early morning Asian trading session as BoJ Governor Fukui comments that the BoJ is in no rush to raise rates. So, the second half of our trade is stopped out at 155.25 for another +50 pips.

1st half: +40 pips
2nd half: +50 pips
Total: +90 pips

Trade Update: 2007-03-18 18:40

As the forex markets are slowly opening around the world, we see the second half of our position still open and currently trading below 155.00. We will adjust the stop on our open position to 155.25 to lock in another +50 pips. Stay tuned for more updates!

Trade Update: 2007-03-16 11:45

It is a little under an hour away from the close of the Euro trading session and our position is currently +40 pips. With it being the end of the week I think it would be prudent to lock in some pips. So we will close half of our trad at 155.35 to lock in about +40 pips and move the stop to breakeven on the rest of the open position to possibly catch a move down further. Good luck and have a great weekend!

Trade Update: 2007-03-16 09:10

Our short trade in EUR/JPY was triggered during the morning Euro session. After our trade was triggered, it went down as low as around 155.25 before reversing back up. It is currently trading near 155.60 and I think it will make it’s way back down again, especially with stochastics starting to move lower. I am going to keep this trade open for now. Stay tuned for updates and good luck!

Trade Idea: 2007-03-16 00:05

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We have a nice little resistance play going on in EUR/JPY tonight. The pair had problems on March 12th breaking 155.71 and it seems like it is having trouble breaking above this level once again. Stochastics are at overbought levels, so it looks like the most recent bull run has run out of steam.

So, we will be eyeing a short play on EUR/JPY, but we will wait until it hits the resistance area before jumping in. We used the Fibonacci retracement tool to measure our profit targets as the 23% and 38% Fib levels may stall a down move. Here’s our trade idea:

Short EUR/JPY at 155.75, stop at 156.05, pt1 at 155.10, pt2 at 154.65

Remember to never risk more that 1% of your account on any single trade, so please adjust your position sizes accordingly.

Good luck!