CHF/JPY has been increasing since September last year. It gained as much as 9,500 pips, and broke through the yearly high today. This happened after the Bank of Japan left interest rates unchanged at its monetary policy meeting.
This scenario calls for a new set of sell limits, which can be placed starting from current prices and above. The increment should be 30-50 pips. Then, take profit on a breakout (127), either at 1 pip above the first order or after a 100 pip rise.
This strategy is called grid trading, which is usually used on cross rates. It involves holding positions that are significant in time and distance. For this reason, we recommend using swap-free accounts, not increasing the volumes in the grid (0.01 standard lot for every $ 1,000 of the deposit) and monitor price movements.
Good luck and have a nice day!
