I’ve closed the last opened long trade in EURJPY at 130.40, -27 pips.
This pair has frustrated me over the past 2-3 weeks. It appears my method doesn’t work with this pair. It simply doesn’t follow normal ranges and patterns as other major pairs do. It could be because this is a cross, and I know that my method doesn’t work well with crosses. I don’t bother with other crosses but EURJPY should have deep liquidity (I think) and therefore should behave like other very liquid majors. It does not seem to.
I have therefore decided not to trade this pair for the near future, at least not in my ‘swing trade’ method. I may take a position in it at major tops or bottoms for a longer play, but for now I will stay away from EJ.
Btw, I noticed a significant move up in EJ and UJ starting about half hour before the claims data was released. Looks suspiciously like someone got their hands on the data ahead of the rest.