The Swiss/Yen pair has been trading in about a 100 pip wide channel for the last 25-30 bars (one hour chart). It won't stay there forever, the question is "Which way will it go?" The answer? "I don't care!" I'll buy the pair if it closes above 83.98 and sell if it closes below 82.93 on the hour chart. One word of caution about this pair, the spreads can be unreasonable. Not always, but during illiquid periods the spread on this pair can be 10-15 pips so be careful. I'll set the stop loss at the other side of the channel and target 87.00 on the buy side and 79.00 or better on the sell side. As usual, I'll move to break even at +50 pips and look to save some profit if it keeps moving from there. I'll keep you posted.
Happy Trading!
Happy Trading!
