GBP/JPY: Sticking with the short trade
I sold smalls on Friday at 142.40, and yet again I find my ability to pick a good entry level somewhat wanting. Nevertheless, I still like this trade. I can visualise EUR/GBP trading up near .8800 again and I also think EUR/JPY is way overbought and much more likely to see 116 again than it is to see 126.
But I’ve been wrong on many occasions before and will be again so I’m keeping the position size small until I start feeling a bit more confident.
My profit target on the balance of my EUR/GBP long was hit on Friday night and otherwise I’m still running a small EUR/CHF long, having booked profits on the majority of that trade.