After seeing the selloff from 116.87, we suggested to sell dollar against yen at115.30 and a short position was entered, the greenback did meet renewed selling interest at 115.45 and dropped in line with our bearish expectation, our downside target at 113.90 was met (with 140 points profit) as price fell to as low as 113.63 earlier today before recovering.
We entered at short position in euro after seeing the selloff to 1.0454, however, the subsequent much stronger-than-expected rebound tripped our stop at 1.0555 and the single currency rallied to as high as 1.0685 last week before easing.
We turned long in cable after seeing the strong rebound from 1.2038 to 1.2317, however, sterling met heavy offers there and dropped sharply, the long position entered at 1.2205 was stopped at 1.2170, the pound then opened sharply lower today and broke below 1.2000 level.
In short, 3 positions were entered among all 4 currency pairs with total profit of 70 points and the positions are listed below:
12 Jan : EUR/USD – Short at 1.0520, exited at 1.0555 (- 35 points)
13 Jan : USD/JPY – Short at 115.30, exited at 113.90 (+ 140 points)
13 Jan : GBPUSD – Long at 1.2205, exited at 1.2170 (- 35 points)
| JPY EUR CHF GBP
Jan + 257 – 70 – 30 + 65