Shorting EURJOY at this level in relation to my previous reasoning of the market being over-optimistic in regards to Covid-19 vaccine news and the timeframe for implementation of this.
EURJPY is in many ways the risk barometer of the market, and expecting a deterioration in overall sentiment a short from this level is attractive to me. Missed my entry a little bit not giving the full x2 RR ratio, but still happy holding it for now.
Large pick ups in sentiment from serious progress in regards to for example Covid-19 or exchange rate intervention from the BOJ pose some risks to this trade.
But so far the Covid-19 stats are looking grim, and I will treat any positive news about the vaccines as temporary noise.
EURJPY is in many ways the risk barometer of the market, and expecting a deterioration in overall sentiment a short from this level is attractive to me. Missed my entry a little bit not giving the full x2 RR ratio, but still happy holding it for now.
Large pick ups in sentiment from serious progress in regards to for example Covid-19 or exchange rate intervention from the BOJ pose some risks to this trade.
But so far the Covid-19 stats are looking grim, and I will treat any positive news about the vaccines as temporary noise.
Trade closed: stop reached:
Stopped at profit +50 pips
+50 pips protected