Swiss Franc Japanese Yen Looks Weak
With a Minor Pivot Stack in place with a narrow compression, this could be a good short.
There is still a major trend downward intact that seems to be weighing on the market.
As the price of the Swiss Yen cross continues to weaken, the old flash crash low is a nice target to shoot for as a profit target.
However, we don't want to be too greedy so place your profit target at a more modest level of 107.480
Go short if the price goes through 109.440 and place a stop loss at 110.310
There is still a major trend downward intact that seems to be weighing on the market.
As the price of the Swiss Yen cross continues to weaken, the old flash crash low is a nice target to shoot for as a profit target.
However, we don't want to be too greedy so place your profit target at a more modest level of 107.480
Go short if the price goes through 109.440 and place a stop loss at 110.310
Trade closed: stop reached:
After being triggered on Jan 31, the stop loss has subsequently been hit. If you trailed the stop loss then all the better; regardless, the loss is small because the Pivots keep the risk reward favorable, and the stop losses at reasonable distances.