Sunday, January 25, 2015
New Signal GBP/JPY
As of 01/26/2015 @ 18:19 EST: The Global Currency Scalper has cancelled its open order on GBP/JPY as it has traded through our intended stop price.
As of 01/25/2015 @ 18.29 EST:
We have identified a possible short trade in GBP/JPY. With the Greek elections out of the way and markets opening Sunday evening this pair is getting poised to head lower if some strong support can be taken out. Since mid-October 2014 the GBP/JPY had made a strong run to the upside, setting a high by the start of December 2014. Since then this pair has been showing strong weakness as it's been trending down while trying to hold each Fibonacci level. As you can see in the chart each of these levels has eventually broke. The GBP/JPY has been holding above the 61.8% Fibonacci level since it first came down to it 10 days ago, we feel the price will eventually break and want to be on the short side for the ride.
Watching this pairs action, it is desperately trying to break to the downside, before taking a position we would like to see this pair take out the two lows set January 15th and 16th. The Global Currency Scalper will be taking a position on a break of 175.560 with targets of the figure at 175.000 then 174.650 and eventually the figure of 174.000. A stop will be place with a break of 178.420, if price action trades through this level prior to initiating a position our view will turn neutral and further evaluation will be needed.