Thursday, January 15, 2015

New Signal USD/JPY

*Signal Update as of 01/16/2015 @ 10:35 EST:  The Currency Global Scalper has cancelled its open order on USD/JPY and will readdress this signal on Sunday, 01/18/2015, evening.

As of 01/15/2015 @ 17:30 EST:

We have identified USD/JPY as a potential short trade.  The market has had some time to digest the shocking news from the Swiss National Bank, un-pegging the Franc to the Euro.  The move hit the Franc and any currency paired with it very hard, the USD/JPY not so hard.  The Global Currency Scalper is looking to trade this pair on the short side but we would like to see a specific price be broken first.

As you can see, the USD/JPY set a new high back in December of 2014, promptly fell through the 23.6% Fibonacci level but short of the 38.2% level.  Rebounding but making a lower high and than proceeding to rollover this pair has recently broken that 23.6% level again.  With this move the Global Currency Scalper is looking for this pair to trade down to the 38.2% level but first we want to see it take out the 115.500 level by 15 - 20 Pips.  With that said we will be shorting on a break of 115.290 with targets of 113.850, then the figure of 113.000 and eventually 112.600.  A stop will be placed on a break of 118.510, if this level is breached prior to initiating a position our view will turn neutral and further analysis will be needed.

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