*Signal Update: The Global Currency Scalper has cancelled its open order of GBP/JPY as this pair breached 186.400 before initiating a position at our purchase price.
As of 12/28/2014 @ 22:10 EST
We have identified a possible long trade in GBP/JPY. This pairs overall trend on the Daily, 4 hour and 1 hour charts has been up and it recently experienced a pullback which held the 38.2% Fibonacci retracement level.
Recent action in the GBP/JPY saw a tight consolidation after the bounce off the 38.2% level mentioned above. The Global Currency Scalper is anticipating a breakout of this consolidation and target higher prices.
We will be purchasing GBP/JPY at the 187.935 level with an initial target of 189.200 with the possibility of seeing 189.650 as well. Our stops will be set in the vicinity of 186.400, any breach of this level will turn the outlook from the Global Currency Scalper's to a neutral position.
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