*Trade Update: The Global Currency Scalper has liquidated its USD/JPY position with a gain of 24.5 Pips as retail sales were being announced at 8:30 EST.
As of 01/13/2015 @ 20:07 EST:
We have identified USD/JPY as a potential short trade. This pair has made a great run since this past August but during the first couple of weeks in December saw a minor pullback to the 23.6% Fibonacci retracement level. After rebounding and consolidating below the high set in December the USD/JPY is starting to breakdown again.
The Global Currency Scalper would like to see the USD/JPY break the Fibonacci level mentioned above as well as the figure of 117.000 before initiating a position. We will short this pair on a break of 116.790 with targets of 116.250, the figure of 116.000 and further down to 115.600. Stops will be set at 118.120, if this level is breached prior to initiating a position our view will turn neutral and further evaluation will be needed.
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