*Position Update: The Global Currency Scalper has liquidated its position in USD/JPY with a gain of 5.9 Pips. Unfortunately this pair couldn't gain any momentum overnight and we do not want to take a chance of holding the position throughout Thursday and risk a Non-Farm Payroll announcement on Friday morning that adversely affects our position.
As of 01/07/2015 @ 15:42 EST:
We have identified USD/JPY as a possible long trade. This pair has been holding up very well over the past few weeks, finding buyers at many level. A small retracement from the highs set in December held the 23.6% Fibonacci level and has since been forming a wedge as indicated in the chart above. The Global Currency Scalper is looking to trade USD/JPY from the long side which is the overall trend, looking to ride any buyers who may step in to this pair.
We will be initiating a long position if the USD/JPY takes out 119.810 with forecasts of 120.450 to 120.750, if the latter is taken out we could get a run up close to 121.750. Stops will be set on a break below 118.500 and if breached prior to the Global Currency Scalper taking a position then our outlook will turn neutral on this pair and further evaluation will be needed.
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