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After rolling down my stop, it looks like it didn’t take too long for the market to take me out for a profit on my CAD/JPY short. Here’s a quick review.

Short CAD/JPY

CAD/JPY 4-Hour
CAD/JPY 4-Hour

A wave of risk-on sentiment took hold during the morning London session, possibly due to the rescue of Banco Popular, a Spanish lender, by Spain’s largest bank, Santander.  Whatever the case may be, the Japanese yen was the biggest loser of the session, pushing up all major yen pairs, including CAD/JPY.  Needless to say, my adjusted stop to 81.65 was triggered right around the U.S. equities market open and closed my trade out for a nice win. 

P/L: +129 pips / +0.39% on 0.50% risk 

In hindsight, I think it was the right move to lock in profits with a heavy day of events ahead and the Canadian jobs report coming tomorrow. Overall, I don’t think I’d do anything differently and I think this pair is still good for a short, especially if oil resumes its downtrend after today’s bounce. Stay tuned for updates on a possible re-entry and for new ideas coming soon!

This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.