*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.
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