Day three: short CHF/JPY trade idea

My potential short CHF/JPY idea is working in the right direction, falling to a low of 114.79 overnight. 

On the hourly chart the pair looks oversold and thus a slight rally could be seen in the short term.

I will take profits on my initial short CHF/JPY trade from May 2 for a profit of 1.3% (with the pair trading at 114.89 at the time of writing). My ‘one to watch’ idea from this week remains open, so effectively I now just have one short contract.

I feel lowering stops on this idea to 116.30 (from 117.10) seems prudent as well.

IG Charts

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