*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.
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