New Signal GBP/JPY

*Position Update:  As of 01/30/2015 4:28 a.m. The Global Currency Scalper covered its short position in GBP/JPY with a gain of 29.2 Pips which was 15 Pips ahead of the support at the figure of 177.000.

As of 01/28/2015 @ 18.36 EST:

We have identified GBP/JPY as a possible short trade.  This pair has been consolidating between the 50% and 61.8% Fibonacci levels after a strong bull run from last October.We expect the GBP/JPY to continue this consolidation but with a downside bias.  We are looking to take this pair short which we believe may present a great opportunity as the sellers are beginning to get heavy.

The Global Currency Scalper will take the GBP/JPY short with a break of 177.450. Forecasts will be the figure of 177.000 then the 61.8% Fibonacci level of 176.300.  Lower could see the figure of 176.000 and recent lows of 175.700, if this level is taken out look out below, you could be in for a great ride lower.  We will place a stop with a break of 179.560, if this level is breached prior to initiating our position we will turn neutral on this pair and further evaluation will be needed.

New Signal AUD/CAD

*Position Update:  As of 01/30/2015 @ 8:31 EST the Global Currency Scalper was stopped out of its AUD/CAD position with a 127.5 Pip loss.  Our first loss of the month, unfortunately this trade just never worked out from the start.

As of 01/27/2015 @ 11:03 EST:

We have identified AUD/CAD as a possible short trade.  After a strong run-up from the end of December on the 4 hour chart this pair is possibly forming a head and shoulders pattern.  The left shoulder was clearly formed a couple of weeks ago, the head formed just last week.  The right shoulder may have been formed earlier this morning and if it proves to be so we will be looking to take this pair short with a break of the neckline.

The Global Currency Scalper will be looking to short AUD/CAD with a break of 0.97527 which is giving the neckline approximately 20 Pips to confirm a break.  Keep in mind, with a head and shoulders pattern which has a tall head (as this pattern shows) a neckline break is less reliable, so keep your stops honest.  Our forecast is to see 0.97380 which is the 50% Fibonacci retracement (we believe this level will be taken out by at least 20 Pips), then the figure of 0.97000 and 0.96780 which is the bottoms in place earlier this month and then ultimately 0.96580 which is the 61.8% Fibonacci level.  We will set a stop with a break of 0.98800, if this level is breached before initiating our position then our view will change to neutral and further evaluation will be needed.

New Signal USD/SGD

*Signal Update:  As of 01/27/2015 @ 19:50 EST The Global Currency Scalper has cancelled its open order of USD/SGD as prices have broken through our potential stop price of 1.35100.

As of 01/26/2015 @ 22:21 EST:

We have identified a possible short trade in USD/SGD.  Although we are not fans of going against the trend we see signs of buyers tiring which may give us an opportunity from the short side.  Keep in mind if you take this trade be sure to stick to your stop as buyers could step back in at any time and make another run higher.  Looking at the chart you can clearly see this pair has been in an uptrend since August of 2014 without much of a pullback.  The latest channel has been formed from the lows in December 2014 to its recent highs.  We have identified a Dark Cloud Cover bearish signal last session which may attract some sellers.  Also if you take a look at the monthly chart below you can see the recent run has come right to the bottoms set all the way back in 2008 which could very well act as resistance as old support usually becomes new resistance.

The Global Currency Scalper will be taking a short position if the USD/SGD breaks 1.32840 with price targets of the figure of 1.32000 and 1.31360 then the figure of 1.31000 and 1.30740 and possibly as low as the figure of 1.30000.  This could be a possible shift in sentiment and if our price level is taken out initiating a short position we could be seeing the shift starting.  We will set our stop with a break of 1.35100, if this level is breached prior to initiating our position our view will turn neutral and further evaluation will be needed.

New Signal USD/JPY

*Signal Update:  As of 01/30/2015 @ 8:43 EST the Global Currency Scalper has cancelled its open order on USD/JPY, we will be holding cash through the weekend.

As of 01/26/2015 @ 19:40 EST:

We have identified a possible long trade in USD/JPY.  This pair has had a great bull run since August 2014 but has since retraced twice to the 23.6% Fibonacci level.  Over the past 8 trading sessions the USD/JPY has been consolidating along this Fibonacci level.  Given the run-up since August 2014 we believe the buyers will step back in to this pair as soon as the consolidation phase is over.

The Global Currency Scalper will be taking a long position in the USD/JPY on a break of 119.110 with targets of 119.850, the figure of 120.000 followed by 120.420 which is the consolidation range the last week of December 2014.  We will set a stop with a break of 116.890, if this level is breached prior to initiating a position our view will turn neutral and further evaluation will be needed.

New Signal GBP/JPY

As of 01/26/2015 @ 18:19 EST:  The Global Currency Scalper has cancelled its open order on GBP/JPY as it has traded through our intended stop price.

As of 01/25/2015 @ 18.29 EST:

We have identified a possible short trade in GBP/JPY.  With the Greek elections out of the way and markets opening Sunday evening this pair is getting poised to head lower if some strong support can be taken out.  Since mid-October 2014 the GBP/JPY had made a strong run to the upside, setting a high by the start of December 2014.  Since then this pair has been showing strong weakness as it's been trending down while trying to hold each Fibonacci level.  As you can see in the chart each of these levels has eventually broke. The GBP/JPY has been holding above the 61.8% Fibonacci level since it first came down to it 10 days ago, we feel the price will eventually break and want to be on the short side for the ride.

Watching this pairs action, it is desperately trying to break to the downside, before taking a position we would like to see this pair take out the two lows set January 15th and 16th.  The Global Currency Scalper will be taking a position on a break of 175.560 with targets of the figure at 175.000 then 174.650 and eventually the figure of 174.000.  A stop will be place with a break of 178.420, if price action trades through this level prior to initiating a position our view will turn neutral and further evaluation will be needed.

New Signal GBP/JPY

*Position Update:  As of 01/23/2015 @ 7:08 EST:  The Global Currency Scalper has closed its GBP/JPY position picking up 43.6 Pips.  Two factors for closing, one this pair is approaching the 61.8% Fibonacci level and second this weekend is the Greek elections, we prefer to be in cash during this event.

As of 01/22/2015 @ 11:28 EST:

We have identified GBP/JPY as a possible short trade.  This pair has come down from the high it set back in December 2014 to test the 61.8% Fibonacci level.  A bounce followed but the GBP/JPY is coming back down for another test.  Sellers have stepped into this pair since the ECB officially announced its QE program and we expect them to continue to hit bids especially if a certain level is taken out.

The Global Currency Scalper will be taking a short position on a break of 176.790 with forecast targets of 176.300 which is the 61.8% Fibonacci level mentioned above, then the figure of 176.000 followed by 175.790 which is the low set earlier this month and then possibly as low as the figure of 175.000.  We will place a stop on a break of 179.250, if this level is breached prior to initiating a position our view will turn neutral and further evaluation will be needed.

New Signal USD/JPY

*Signal Update:  As of 01/23/2015 @ 7:18 EST:  We have cancelled our open order on USD/JPY as this weekend is the Greek elections, we prefer to be in cash during this event.

As of 01/21/2015 @ 20:19 EST:

We have identified a possible long trade in USD/JPY.  Since making a strong run from the lows back in August of 2014 this pair has retraced to the 23.6% Fibonacci level twice, both times holding this key level (for the most part).  The short-term down move highlighted by the red line along the tops has been broken indicating buyers have stepped back in to USD/JPY.  As nothing usually goes straight up we will be monitoring this pair for a breakout move to the upside in the coming days.

With this Thursday's coming announcement from the ECB, all eyes will be on the Euro but this doesn't mean the USD can't rally against the Yen.  This could be a safer way to play the possible volatility the upcoming announcement may create.  The Global Currency Scalper will be taking a long position on a break of 119.150 with forecast of 119.800, the figure of 120.000 and 120.600.  A stop will be placed with a break of 116.800, if this pair trades through this price prior to taking a position our view will turn neutral and further evaluation will be needed.

New Signal AUD/JPY

*Signal Update:  As of 01/21/2015 @ 11:28 EST The Global Currency Scalper has cancelled its open order on the AUD/JPY as the price has broken through the intended stop level prior to initiating a position.  Our view has turned neutral and further evaluation will be needed.

As of 01/20/2015 @ 22:04 EST:

We have identified AUD/JPY as a possible long trade.  This pair has come down from the high it set back in November of 2014 and attempted to hold the 61.8% Fibonacci retracement level on two separate occasions.  The second break was during the surprise news last Wednesday from the SNB which quickly bounced back, we can view this action as holding that level, keeping the overall long-term trend intact.  Although the Global Currency Scalper will be trading this pair with a bit of caution.

We will be waiting until the president of the United States is winding down his state of the union address before taking any action on this pair.  The Global Currency Scalper will be buyers of the AUD/JPY on a break of 97.150 with targets of 97.650 and the figure of 98.000, further we could see 98.300 level which is the high set at the end of December 2014.  We will set a stop on a break of 95.850 which will be the third break of the 61.8% Fibonacci level which would be a bearish sign.  If this level is breached prior to initiating a position our view will turn neutral and further analysis will be needed.

New Signal USD/JPY

*Position Update:  As of 01/20/2015 @ 7:04 EST the Global Currency Scalper has liquidated its USD/JPY position at 118.714 for a profit of 36.3 Pips.

As of 01/19/2015 @ 21:07 EST:

We have identified USD/JPY as a possible long trade.  This pair has been in a long-term uptrend since August of 2014 and has since come down to the 23.6% Fibonacci level twice over the past month.  Both times the USD/JPY has held, for the most part, this level showing signs of strength. Each time buyers have been found and now that this pair has broken its short-term downtrend indicated in red on the chart we believe the long-term uptrend is ready to resume.

The Global Currency Scalper will be going long USD/JPY with a break of 118.350 and forecasts will be set at 118.900, 119.300 and eventually the figure of 120.000.  A stop will be placed on a break of 116.800, if this level is breached prior to initiating a position we will turn neutral on this pair and further evaluation will be needed.

New Signal USD/JPY

*Signal Update as of 01/16/2015 @ 10:35 EST:  The Currency Global Scalper has cancelled its open order on USD/JPY and will readdress this signal on Sunday, 01/18/2015, evening.

As of 01/15/2015 @ 17:30 EST:

We have identified USD/JPY as a potential short trade.  The market has had some time to digest the shocking news from the Swiss National Bank, un-pegging the Franc to the Euro.  The move hit the Franc and any currency paired with it very hard, the USD/JPY not so hard.  The Global Currency Scalper is looking to trade this pair on the short side but we would like to see a specific price be broken first.

As you can see, the USD/JPY set a new high back in December of 2014, promptly fell through the 23.6% Fibonacci level but short of the 38.2% level.  Rebounding but making a lower high and than proceeding to rollover this pair has recently broken that 23.6% level again.  With this move the Global Currency Scalper is looking for this pair to trade down to the 38.2% level but first we want to see it take out the 115.500 level by 15 - 20 Pips.  With that said we will be shorting on a break of 115.290 with targets of 113.850, then the figure of 113.000 and eventually 112.600.  A stop will be placed on a break of 118.510, if this level is breached prior to initiating a position our view will turn neutral and further analysis will be needed.

New Signal USD/JPY

*Trade Update:  The Global Currency Scalper has liquidated its USD/JPY position with a gain of 24.5 Pips as retail sales were being announced at 8:30 EST.

As of 01/13/2015 @ 20:07 EST:

We have identified USD/JPY as a potential short trade.  This pair has made a great run since this past August but during the first couple of weeks in December saw a minor pullback to the 23.6% Fibonacci retracement level.  After rebounding and consolidating below the high set in December the USD/JPY is starting to breakdown again.

The Global Currency Scalper would like to see the USD/JPY break the Fibonacci level mentioned above as well as the figure of 117.000 before initiating a position.  We will short this pair on a break of 116.790 with targets of 116.250, the figure of 116.000 and further down to 115.600. Stops will be set at 118.120, if this level is breached prior to initiating a position our view will turn neutral and further evaluation will be needed.

New Signal GBP/USD

*Signal Updated:  The Global Currency Scalper has cancelled its open order on GBP/USD as retail sales were being announced at 8:30 EST.  We do not want to get caught in a brief economic number move which may quickly fade.  The Global Currency Scalper will move back into cash and proceed with its currency analysis.

As of 01/13/2015 @ 11:16 EST:

We have identified GBP/USD as a possible long trade.  Although this pair is in an obvious long-term downtrend we may have experienced a rejection low and are willing to take a long trade with a relatively tight stop loss.  The low put in place on January 8, 2015 of 1.50330 looks as if it may be getting support from an area back in March and May of 2013, please see the weekly chart below.  On the chart above you will also notice the short-term trend line in red has been broken to the upside and is acting as support which may be another indication buyers are flirting with this pair.  One last important note is this Wednesday morning's speech by the Bank of England's Mark Carney, odds are his speech will be geared to strengthening his currency which may also attract buyers.

The Global Currency Scalper will be taking a long position if the GBP/USD breaks 1.52260 with a target of the figure at 1.53000, last weeks high of 1.53350 and finally the figure of 1.54000.  We will set our stop on a break of the red short-term trend line currently at 1.50630, if this level is breached prior to initiating a position we will turn neutral on this pair and further analysis will be needed.

New Signal EUR/AUD

*Signal Updated:  The Global Currency Scalper has cancelled its open order on EUR/AUD as retail sales were being announced at 8:30 EST.  We do not want to get caught in a brief economic number move which may quickly fade.  The Global Currency Scalper will move back into cash and proceed with its currency analysis.

As of 01/12/2015 @ 19:05 EST:

We have identified EUR/AUD as a possible short trade.  This pair has made a steep down move from its peak in December of 2014 and has been so far able to hold the 61.8% Fibonacci level.  The Global Currency Scalper is looking for a break of this level before considering taking a position.

Our short trade will be triggered with a break of 1.43450 and price target will be the triple in-chart bottoms set from October 31, 2014 to November 24, 2014 of 1.42380.  The Global Currency Scalper will set stop at 1.46100, if this level is breached prior to open a position our view will turn neutral and further analysis will be taken,

New Signal GBP/JPY

*Position Update: As of 01/13/2015 The Global Currency Scalper covered its short position in GBP/JPY at 177.996 for a profit of 33.2 Pips.

As of 01/12/2015 @ 10:30 EST:

We have identified GBP/JPY as a possible short trade.  Looking at the chart above you will see this pair has pulled in sharply over the past couple of months and after a brief rebound off the 38.2% Fibonacci level the selloff has begun again.  The GBP/JPY is in the process of forming a bear-flag pattern which, if breaking a certain level, could lead to a swift downside move.

The Global Currency Scalper will be looking to short GBP/JPY if the 178.330 level is taken out, targets will be set at 177.110 which is the first sign of support then the 61.8% Fibonacci level of 176.310 and finally 174.600.  A stop will be placed at 181.100, if this level is breached prior to initiating a position our view will turn neutral and further analysis will be needed.

New Signal NZD/USD

*Signal Update:  The Global Currency Scalper is cancelling its open order on NZD/USD as recent action has traded below our stop price without filling our buy order.  Further evaluation on this pair will be needed at this time.

As of 01/11/2015 @ 19:20 EST:

We have identified NZD/USD as a potential long trade.  This pair could be in the process of putting in a 5 week double bottom which should result in a powerful up move.  The NZD/USD is currently hovering around the 23.6% Fibonacci level which is the first hurdle to overcome.  The Global Currency Scalper is looking for confirmation of the 5 week bottom before entering a long position.

We will be going long on a break of 0.78830 which the Global Currency Scalper will take as a confirmation signal of the bottom mentioned above.  Targets will be 0.79200, 0.79580 which is the 38.2% Fibonacci level, and 0.79750 which is the high set in November of 2014.  Stop will be set at a break of 0.77800, if this level is taken out prior to initiating a position our view will turn neutral and further evaluation will be needed.

New Signal EUR/AUD

*Signal Update: As of 01/09/2015 @ 7:22 EST the Global Currency Scalper has cancelled its open order on EUR/AUD as no position was triggered overnight and we want to head into the NFP holding cash.

As of 01/08/2015 @ 18:19 EST:

We have identified a possible short trade in EUR/AUD.  This pair has been experiencing a sharp decline which was triggered by a break of the 1.4608 level.  Buyers were only attracted back into this pair when prices approached the trend-line which dates back to early September 2014 bottom.  That trend-line price currently stands at 1.44920 which needs to be broken before taking a position.

The Global Currency Scalper will be initiating a short position if the EUR/AUD takes out 1.44800 with price targets at the figure of 1.44000 and the 61.8% Fibonaccu level of 1.43840, lower to see some support at 1.43450 and the figure of 1.43000.  Stops will be placed with a break of 1.46100, if this pair was to breach this level prior to initiating a position our view will change to neutral and further evaluation will be warranted.

New Signal EUR/JPY

*Signal Update: As of 01/09/2015 @ 7:22 EST the Global Currency Scalper has cancelled its open order on EUR/JPY as no position was triggered overnight and we want to head into the NFP holding cash.

As of 01/08/2015 @ 12:07 EST:

We have identified EUR/JPY as a potential short trade.  Although for the past couple of days this pair has been consolidating its recent breakdown, not much can be said for that recent action.  The Global Currency Scalper will be watching several keys areas for indication the recent selloff is about to start again.  The 200 Day Moving Average at 140.300 needs to be broken with some conviction.  We would also like to see the 61.8% Fibonacci retracement level of 140.100 be taken out.  The last and final hurdle will be the figure of 140.000.  If these three events occur we will be looking to initiate our short.

The Global Currency Scalper will be short if the EUR/JPY can take out 139.860 and forecast targets will be 139.200 and the figure of 139.000.  Our stop will be set on a break of 141.000, if this level is breached prior initiating our position then the outlook will change to neutral and further evaluation will be needed.

Remember, tomorrow morning we get the Non-Farm Payroll number which is the most important number of any given month.  We prefer to be out of this position, assuming we have the position, prior to the NFP release.

New Signal USD/JPY

*Position Update:  The Global Currency Scalper has liquidated its position in USD/JPY with a gain of 5.9 Pips.  Unfortunately this pair couldn't gain any momentum overnight and we do not want to take a chance of holding the position throughout Thursday and risk a Non-Farm Payroll announcement on Friday morning that adversely affects our position.

As of 01/07/2015 @ 15:42 EST:

We have identified USD/JPY as a possible long trade.  This pair has been holding up very well over the past few weeks, finding buyers at many level.  A small retracement from the highs set in December held the 23.6% Fibonacci level and has since been forming a wedge as indicated in the chart above.  The Global Currency Scalper is looking to trade USD/JPY from the long side which is the overall trend, looking to ride any buyers who may step in to this pair.

We will be initiating a long position if the USD/JPY takes out 119.810 with forecasts of 120.450 to 120.750, if the latter is taken out we could get a run up close to 121.750.  Stops will be set on a break below 118.500 and if breached prior to the Global Currency Scalper taking a position then our outlook will turn neutral on this pair and further evaluation will be needed.

New Signal USD/CHF

*Trade Update:  At 6:53 EST the Global Currency Scalper locked in profits of 11.5 Pips on this pair.  As originally stated we were going to make this a quick trade, looking for a relatively small profit as to not get caught in a false breakout of a new year high.

As of 01/06/2015 @ 22:12 EST:

We have identified USD/CHF as a potential long trade, caution should be taken as this is a play of a breakout from a year high.  CPI from the Eurozone is set to be released in 7 hours which can also greatly impact this pair.  The Global Currency Scalper will be looking to take quick profits as to not get caught up in a false breakout.

We will be looking to go long USD/CHF on a break of 1.01450 with targets of the figure 1.02000 and 1.02200, if the later is taken out we could see this pair approach the 2010 high of 1.02780.  Stops will be placed just under parity of 1.00000 which should provide major support.  If the parity level is breached prior to initiating the position our view of USD/CHF will change to neutral and further evaluation will be needed.  Again the Global Currency Scalper is looking to trade this pair with the utmost caution.

New Signal GBP/JPY

*Signal Update:  The Global Currency Scalper has cancelled its open order on the GBP/JPY ahead of the interest rate decision by the BOE, the price action has also traded through which would have been our stop order, as stated this changes our view to neutral.

As of 01/06/2015 @ 19:18 EST:

We have identified a possible short trade in GBP/JPY.  This pair has made a big up move from the middle of October to the beginning of December 2014.  Recently though we have seen a strong selloff with the GBP/JPY approaching the 50% Fibonacci retracement level.  The Global Currency Scalper would like to see this pair break that level before initiating a position as the 50% could prove to act as support.

We will be initiating a short position on a break of 178.730 and believe this break will increase the downside pressure which the Global Currency Scalper will be able to ride lower.  Our price targets will be the figure of 178.000 and if broken than the 200 Day Moving Average of 177.680 will come into play.  Our stop will be set at 180.400, if this level is traded before the Global Currency Scalper can initiate a position we will turn neutral on the GBP/JPY and further evaluation will be needed.

New Signal AUD/JPY

*Trade Update:  The Global Currency Scalper has liquidated the AUD/JPY position with a gain of 28.1 Pips.  We have seen this pair, as well as many others, come down hard today giving us an opportunity to make a quick profitable trade.  The Global Currency Scalper is thinking we could eventually see a snap-back move in many currency pairs and do not want to get caught on the wrong side, so lets book the profits and move on to the next trade.

As of 01/05/2015 @ 19:55 EST:

We have identified AUD/JPY as a possible short trade.  Looking at the daily chart above you can see this pair has broken the 200 day moving average which is just below the 50% Fibonacci retracement level.  Over the past few days you can see that the AUD/JPY has begun to rollover from its bounce off the short-term lows set in mid-December.

The Global Currency Scalper is looking to take a short position if the AUD/JPY takes out the 96.160 level.  We can see this pair moving quickly to the 95.200 - 95.000 level and if that's taken out we could see 94.500 - 94.200 levels.  Our stop will be placed at 97.500 and if this level is breached prior to initiating a position our opinion will change to neutral and further evaluation will be needed.

New Signal EUR\CAD

*Trade Update:  Jim liquidated his position and was stopped out @ 1.39300.  He was up 10 pips in the trade at one point and made the decision to hold figuring shorts were covering their positions.  He doesn't give much room when the trade goes against him when scalping.  Cutting losses and maximizing gains is what it's all about. 

The Eur\Cad pairing is coming up on the 1.3900 support level.  Jim trades the Finger Trap Method and uses a moving average of a 5 minute and 1 hour time chart.  That's how he has it set up.  In addition to the 5 minute and 1 hour charts Jim also looks at the Daily - Weekly and Monthly charts.

As you can see by those time charts the pair is weak.  Surrounded by the bad Euro news as of late Jim is expecting the pair to test and break through the 1.3900 3 month low.  If\when it does Jim will take a short position and look for a run down to the 1.215 level which would be a run at the 3 Year low.

Jim has a trading style where he looks to take at least 10 pips on his scalp trades - which of course will depend on the volatility of the move.  While he is looking at the pair to make a move towards the levels mentioned above, he is not holding his position long term as an investment.  If he does add to his position he will post updates on the blog to let everyone know any changes in his outlook and\or position.  Jim is strictly a scalp trader not a long term investor.  He will take what the market gives him.

Also, with this pair at this time  - he will only be risking 25-30 pips as a stop if he puts a position on..

New Signal EUR/AUD

*Signal Update:  The Global Currency Scalper is cancelling the open order on EUR/AUD as it has traded below the 1.47000 level without initiating a position.  We will give this pair further evaluation.

As of 01/05/2015 @ 8:12 EST:

We have identified EUR/AUD as a possible long candidate.  This pair is in the process of trying to hold the 38.2% Fibonacci retracement level after a strong rally from the beginning of September 2014.  We will be giving the EUR/AUD room from this 38.2% level down to the figure of 1.47000 to remain bullish, if the figure is taken out our view will change to neutral.

The Global Currency Scalper will be going long if the EUR/AUD can take out 1.48800 with a price target of 1.49600, possibly as high as 1.50600 which saw a nice consolidation period in the month of December 2014.  Our stops will be placed if the figure of 1.47000 is take out and as mentioned above our view will then turn neutral and further evaluation will need to be taken on this pair.

New Signal EUR/JPY

*Trade Update:  The Global Currency Scalper liquidated its position in EUR/JPY with a 17.1 Pip gain.  After seeing this pair fall so far before initiating our position we decided to trade it conservatively and take the quick profit. 

As of 01/04/2015 @ 19:59 EST:

We have identified EUR/JPY as a potential short trade,  This pair is currently testing the 38.2% Fibonacci retracement level and we see it failing to hold over time.  Once this level is taken out we expect the EUR/JPY to ultimately make a run down towards the figure of 142.000 and possibly as low as 140.115 which is the 61.8% Fibonacci retracement level.

The Global Currency Scalper is looking to take a short position @ 142.800 with profit targets mentioned above.  Stops will be set at 144.150, if this level is breached prior to taking our position we will turn neutral on this pair and begin further evaluation.

New Signal USD/JPY

*Signal Update:  The Global Currency Scalper is cancelling the open order on USD/JPY as it has traded below the 119.700 level without initiating a position.  We will give this pair further evaluation.

As of 01/04/2015 @ 19:30 EST:

We have identified USD/JPY as a possible long trade although caution should be taken as the signal is given near the figure of 121.000.  The long-term trend on three time-frames, daily, weekly and monthly is to the upside.  The USD has been very strong the past few months as the Fed has "ended" its QE program.

Looking at the daily chart above the Global Currency Scalper has come up with a couple of strong indications that this pair is getting ready to run to the upside again.  The USD/JPY has bounced off the 23.6% Fibonacci retracement level and has since consolidated very tightly with higher lows while bumping up against the same resistance level.  If this resistance level can be broken the Global Currency Trader will be looking to be buyers of this pair.

Our signal is to buy USD/JPY @ 120.930 with price targets of the year high of 121.830 and if that level is taken out we could see this pair run up to 122.500 and ultimately 124.000.  Stops will be placed at 119.700, if this pair trades down to this level prior to initiating a position our view will change to neutral and further evaluation will be needed.