*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.
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