New Signal CAD/JPY

*Signal Update:  As of 02/26/2015 @ 22:37 EST The Global Currency Scalper closed the CAD/JPY position with a loss of 7.8 Pips.

As of 02/24/2015 @ 22:11 EST:

We have identified a possible short trade in CAD/JPY.  This pair has seen a big selloff since early December 2014 only to rebound to the 23.6% Fibonacci retracement level.  As you can see the CAD/JPY has been consolidating around this level for more than 2 weeks now.  With this battle between buyers and sellers raging it seems the sellers are going to prove to be more powerful. As evidence we point to the sudden thrust higher on February 17th of this year only to be rejected the very next day.  In our opinion this pair is getting ready to rollover.

The Global Currency Scalper is looking to short the CAD/JPY slightly higher than it's currently trading.  We will be initiating a short position at 95.400 with targets of 94.300 than the figure of 94.000 and eventually 93.500.  We will place a stop with a break of 96.500.  If this pair trades down to our first target without initiating our short position we will cancel our open order and look to do further evaluation.