So I was waiting on a set up for the GBP,JPY and entered a short with a 25pip take profit. It shot through my TP like a rocket, it fell 100pips instantly and quickly reversed the other way, for another 100pips at least. I managed to get 25 pips and was happy to get out of the trade b/c I’ve never seen anything like that. It happened 15 minutes before midnight NYT. Can anyone please explain this? I’ve never seen this pair move like this during the Asian session, it happened two hourse before the London open.
I only trade the GBP, JPY and had very good success in the last month. After seeing this, I want to make sure this isn’t common, an instant 100 pip move is a lot. I know it’s a volatile pair but is this common? I use only pivots wait for the pair to make a move, usually an hour after the london open. If I’m lucky, I’ll catch a 20 to 50 pip run during the Asian range but normally is quiet. I would greatly appreciate any advice and thanks in advance for your help!