*Signal Update as of 01/16/2015 @ 10:35 EST: The Currency Global Scalper has cancelled its open order on USD/JPY and will readdress this signal on Sunday, 01/18/2015, evening.
As of 01/15/2015 @ 17:30 EST:
We have identified USD/JPY as a potential short trade. The market has had some time to digest the shocking news from the Swiss National Bank, un-pegging the Franc to the Euro. The move hit the Franc and any currency paired with it very hard, the USD/JPY not so hard. The Global Currency Scalper is looking to trade this pair on the short side but we would like to see a specific price be broken first.
As you can see, the USD/JPY set a new high back in December of 2014, promptly fell through the 23.6% Fibonacci level but short of the 38.2% level. Rebounding but making a lower high and than proceeding to rollover this pair has recently broken that 23.6% level again. With this move the Global Currency Scalper is looking for this pair to trade down to the 38.2% level but first we want to see it take out the 115.500 level by 15 - 20 Pips. With that said we will be shorting on a break of 115.290 with targets of 113.850, then the figure of 113.000 and eventually 112.600. A stop will be placed on a break of 118.510, 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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