Trade Update: As of 12/18/2014 @ 20:07 The Global Currency Scalper liquidated its position picking up 17.6 Pips. This pairs current ranging action could be viewed as a struggle, we don't want to wait to see who will win this battle.
As of 12/18/2014 @ 16:23
We have identified EUR/JPY as a potential long candidate. On the daily chart you will notice the strong rally since Oct 17th and a recent pullback to the 23.6% Fibonacci level. Over the past couple of days it tried to breakdown through that level only to find buyers.
The Global Currency Scalper will be taking a long position at 145.960 with a stop of 145.150 and a target of 147.00 to 147.250 level. If the later level is taken out we may see this pair rally as high as 150.000. If EUR/JPY trades down to our stop of 145.150 we will shift to a more neutral stance.
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