*Position Update: As of 01/20/2015 @ 7:04 EST the Global Currency Scalper has liquidated its USD/JPY position at 118.714 for a profit of 36.3 Pips.
As of 01/19/2015 @ 21:07 EST:
We have identified USD/JPY as a possible long trade. This pair has been in a long-term uptrend since August of 2014 and has since come down to the 23.6% Fibonacci level twice over the past month. Both times the USD/JPY has held, for the most part, this level showing signs of strength. Each time buyers have been found and now that this pair has broken its short-term downtrend indicated in red on the chart we believe the long-term uptrend is ready to resume.
The Global Currency Scalper will be going long USD/JPY with a break of 118.350 and forecasts will be set at 118.900, 119.300 and eventually the figure of 120.000. A stop will be placed on a break of 116.800, if this level is breached prior to initiating a position we will turn neutral on this pair and further evaluation will be needed.