Tokyo & London Open Trading Strategy

I have seen many people trading this strategy successfully and claiming that this strategy gives 80% win ratio. This strategy offers a 1:1 Risk-Reward ratio. I am not sure how good is this strategy in long run, but a check of past few sessions of EURJPY pairs does proves profitable. 

Trading Pairs: Best suited for most traded JPY pair i.e. EURJPY, GBPJPY & AUDJPY.
Trading Time: Tokyo Open & London Open.

Trading Strategy:
At Tokyo open, set two pending orders as follows:
    1. One BUY order at  20pip above Tokyo opening price 
    2. And a SELL order at 20pip below the opening price.
Set 40pip take-profit on both the orders and 80pip stop-loss. If trades placed at Tokyo open didn't get triggered till London open, then cancel the previous 2 pending orders and place another 2 pending orders (as above) for London open price.


Results:
If BUY pending gets triggered and hit TP its a 40pip gain.
If SELL pending gets triggered and hit TP its a 40pip gain.
If BUY pending gets triggered and price reverses direction and hit pending SELL. Now either BUY or SELL TP hits, maximum loss is 40pips only.
If SELL pending gets triggered and price reverses direction and hit pending BUY. Now either BUY or SELL TP hits, maximum loss is 40pips only.