*Trade Update as of 12/23/2014 @ 9:13 EST: The Global Currency Scalper is out of USD/JPY around 120.725 picking up 57.4 Pips.
As 12/21/2014 @ 20:41
We have identified USD/JPY as a possible Buy @ 120.150 or higher. As you can see on the daily chart the long-term trend is bullish with a recent minor pullback to the 23.6% Fibonacci retracement level. With a strong bounce off this level the uptrend remains intact.
The Global Currency Scalper believers buyers are ready to step back in over the coming days to push this pair up to the 121.000 level with higher targets set around 121.850. This move would threaten the yearly high with a possible break pushing USD/JPY into new territory.
We will set out stops around the support level of 118.820. If this level is breached prior to establishing our position then the bullish view will turn neutral until further price action can confirm a re-entry signal.
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