*Position Update: As of 02/11/2015 @ 6:49 EST The Global Currency Scalper sold its position in USD/JPY at 119.852 for a profit of 60.2 Pips, just ahead of the figure 120.000 which may act as significant resistance.
As of 02/10/2015 @ 10:10 EST:
We have identified USD/JPY as a possible long trade. This pair is in the process of breaking out of it's base and is picking up steam. We will not be chasing this pair, instead we will be buyers on a pullback assuming one comes. The USD/JPY needs to hold 119.150 on a pullback to keep this breakout intact. You can see this pair has had a great run since last August and has held the 23.6% Fibonacci retracement levels many times since. The lower highers which were being established during the consolidation phase around the Fibonacci level has finally been broken and buyers have been stepping up. Evidence of buyers can be found in the following days since the breakout occurred hasn't seen much of a pullback and today the price has moved above the initial breakout run.
The Global Currency Scalper will be going long USD/JPY on a pullback to the 119.250 level. Targets will be the figure of 120.000, then 120.850. We will set a stop at 118.450.
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