The stop hunters finally won the battle.
I (along with many others) got stopped out. My mental level of 124 was breached and I closed this trade at 124.05 for a loss of -75 pips, -7.3%.
The last 2 sessions have been pretty tough, from a stress point of view. It was obvious to me that the market (i.e. the floor traders) are trying to get to the big stops beyond the option barriers at 1.36, 124, 91.5. The price action was tight and tense in the London session and even with the release of the US jobless numbers and Chicago PMI the market hardly moved. Finally, after the 4 pm fix, it started moving more and the EURJPY barrier at 124 was breached. The barriers in the other two pairs are still holding out, and I am still in those two trades. It doesn’t make sense to exit now, just to save about 20 pips. For 20 pips, I’ll take the risk that the barriers may hold.