Monday, December 22, 2014
New Signal EUR/JPY
*Trade Update as of 12/24/2014 11:43 EST: The Global Currency Scalper has canceled its order as we have approached the Christmas holiday and will not be in the office. We will not be taking any new positions.
As of 12/22/2014 11:44 EST:
We have identified EUR/JPY as a long candidate. With the daily chart in an overall uptrend, the 1 & 4 hour charts showing the uptrend is getting ready to resume we would like to buy this pair if it takes out the 147.160 level.
The EUR/JPY has, for the most part, held the 23.6% Fibonacci retracement level and with the strong action seen so far this morning this pair looks to be getting ready to move higher. This pair seems to have already started a new overall move to the upside, we would just like to see it take out the level mentioned above before initiating a position. This new move has the potential to reach the 148.400 level.
The Global Currency Scalper will take a long position if the 147.160 level is taken out, looking for a move to at least close to the figure of 148.000 and a stop will be set at 145.460. If the stop level is reached prior to taking out the 147.160 level our view will change to neutral on this pair.