*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.
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