Oddball Trade - Sell GBPJPY Target 144.50

Trading Discussion Currencies
1

Based on the obviously heavily distributing GBPUSD around 3-month highs. Alongside a USDJPY probably poised to pull back further, Yen went on strike, again.

Latest quote for GBPJPY is 146.22 Wednesday March 27th. The target is 144.50 for a 1.1% difference. Duration for the trade idea is 1-5 weeks (most likely 2-3 weeks).

A sweet spot for sell limits is 147 (for a 1.7% difference from the target) as the USD seems likely to perform somewhat bullishly next week.

2

GBPJPY sell target reached 23 hours later and moving lower last 10 minutes, latest quote 144.35.

1.1% difference closed well before the duration posted which was 1-5 weeks.

March 27-28 GBPJPY sell target closed at profit.