*Signal Update: The Global Currency Scalper is cancelling the open order on USD/JPY as it has traded below the 119.700 level without initiating a position. We will give this pair further evaluation.
As of 01/04/2015 @ 19:30 EST:
We have identified USD/JPY as a possible long trade although caution should be taken as the signal is given near the figure of 121.000. The long-term trend on three time-frames, daily, weekly and monthly is to the upside. The USD has been very strong the past few months as the Fed has "ended" its QE program.
Looking at the daily chart above the Global Currency Scalper has come up with a couple of strong indications that this pair is getting ready to run to the upside again. The USD/JPY has bounced off the 23.6% Fibonacci retracement level and has since consolidated very tightly with higher lows while bumping up against the same resistance level. If this resistance level can be broken the Global Currency Trader will be looking to be buyers of this pair.
Our signal is to buy USD/JPY @ 120.930 with price targets of the year high of 121.830 and if that level is taken out we could see this pair run up to 122.500 and ultimately 124.000. Stops will be placed at 119.700, if this pair trades down to this level prior to initiating a position our view will change to neutral and further evaluation will be needed.
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