*Signal Update: As of 01/23/2015 @ 7:18 EST: We have cancelled our open order on USD/JPY as this weekend is the Greek elections, we prefer to be in cash during this event.
As of 01/21/2015 @ 20:19 EST:
We have identified a possible long trade in USD/JPY. Since making a strong run from the lows back in August of 2014 this pair has retraced to the 23.6% Fibonacci level twice, both times holding this key level (for the most part). The short-term down move highlighted by the red line along the tops has been broken indicating buyers have stepped back in to USD/JPY. As nothing usually goes straight up we will be monitoring this pair for a breakout move to the upside in the coming days.
With this Thursday's coming announcement from the ECB, all eyes will be on the Euro but this doesn't mean the USD can't rally against the Yen. This could be a safer way to play the possible volatility the upcoming announcement may create. The Global Currency Scalper will be taking a long position on a break of 119.150 with forecast of 119.800, the figure of 120.000 and 120.600. A stop will be placed with a break of 116.800, if this pair trades through this price prior to taking a position our view will turn neutral and further evaluation will be needed.
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