It’s 05:54 am and I just sold EUR/JPY at 113.03. My stop is as usual as per the trading plan (206 pips away). My target is 112.45.
Here’s the 1-hour chart:
At a loss of -106 and -88, respectively. Conclusion: Trading on NFP day is not healthy (for some).
That’s the 4-hour chart. Looking good, huh?
It’s 09:15am GMT. Another short @61.56 with SL 62.44 and TP 60.69
This is NZD/JPY’s current 4-hour chart.
A short squeeze in the euro seems to have run its course, Reuters reports, with investors once again jittery over the debt situation Greece is in.
Traders said the market was likely to stay cautious, steering clear of higher-yielding currencies (like NZD, and unlike JPY), ahead of the U.S. jobs data.
“Greece worries continue and with investors still cautious about risk, I would have a bias toward the U.S. dollar ahead of the payrolls data,” said Jonathan Cavenagh, currency strategist at Westpac.
Well, if Jonathan says it, so be it 
.
Good morning, everybody. It’s 06:07am (GMT) Friday. Before the Europeans come in, here’s what I did: Short NZD/JPY @61.38 SL: 62.44 Target: 60.67
I hope my Stop is OK there (at a whopping 106 pips from my entry point) and won’t be hit during the day, particularly, bearing in mind that today is NFP day.
From now on, I will try to add a snapshot of the chart to better help with my evaluation of the trade afterwards. The following is what the 4-hour chart for the New Zealand dollar vs. the Japanese yen looks like at the moment.
