Sunday, March 1, 2015
New Signal GBP/JPY
As of 03/01/2015 @ 20:25 EST:
We have identified GBP/JPY as a possible long trade. This pair saw a big rally which lasted from October 2015 to the beginning of December 2014. Since early December the GBP/JPY pulled backed and held the 61.8% Fibonacci level, giving it 3 tests to breakdown below only to fail and ultimately resume it's rally. Currently consolidating around the 23.6% level we see buyers stepping into this pair with a breakout of this consolidation phase.
The Global Currency Scalper will be going long GBP/JPY with a break of 185.260, targets higher are 186.160, then 186.500 and ultimately 187.300. If the latter can be taken out this pair has room to run up to 189.600 without seeing any resistance. Our stop will be with a break of 183.300, if this pair trades down to this level prior to initiating a position our view will turn neutral and further evaluation will be needed.