Monday, January 26, 2015
New Signal USD/JPY
*Signal Update: As of 01/30/2015 @ 8:43 EST the Global Currency Scalper has cancelled its open order on USD/JPY, we will be holding cash through the weekend.
As of 01/26/2015 @ 19:40 EST:
We have identified a possible long trade in USD/JPY. This pair has had a great bull run since August 2014 but has since retraced twice to the 23.6% Fibonacci level. Over the past 8 trading sessions the USD/JPY has been consolidating along this Fibonacci level. Given the run-up since August 2014 we believe the buyers will step back in to this pair as soon as the consolidation phase is over.
The Global Currency Scalper will be taking a long position in the USD/JPY on a break of 119.110 with targets of 119.850, the figure of 120.000 followed by 120.420 which is the consolidation range the last week of December 2014. We will set a stop with a break of 116.890, if this level is breached prior to initiating a position our view will turn neutral and further evaluation will be needed.