*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.
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