Thursday, February 12, 2015
New Signal EUR/JPY
*Signal Update: As of 02/13/2015 @ 7:11 EST The Global Currency Scalper has cancelled its order on this pair ahead of the weekend and any possible news from Greece. We will reevaluate on Sunday evening.
As of 02/12/2015 @ 20:17 EST:
We have identified EUR/JPY as a possible short trade. This pair has been in a strong downtrend since last December and has recently bounced to the 23.6% Fibonacci retracement level. With its latest attempt to rise towards the 38.2% level being rejected by sellers the EUR/JPY could be in for some trouble. Although some consolidation can be expected, especially during the next few hours, if 134.650 can't hold it will be confirmation the sellers are overwhelming any attempt buyers may be making. This Friday at 5:00 EST we get GDP numbers from the EU and recent global data is pointing to a poor reading.
The Global Currency Scalper will be taking a short position with a break of 134.580 with targets of the figure 134.000 then 133.680 and possibly as low as 132.500 to 133.000. We will be placing our stop with a break of 136.750, if the EUR/JPY trades through this level prior to initiating a position our view will turn neutral and further evaluation will be needed.