*Signal Update: As of 02/11/2015 @ 7:19 EST The Global Currency Scalper has cancelled its open order on GBP/JPY as we do not see this pair pulling back to our entry price, the buyers have overwhelmed this pair ahead of our entry.
As of 02/10/2015 @ 19:05 EST:
We have identified GBP/JPY as a potential long trade. This pair had a huge rally from the lows in October of 2014 and subsequently had a pullback to the 61.8% Fibonacci retracement level. After a period of consolidation which lasted close to 3 weeks the GBP/JPY finally broke out to the upside. While in the consolidation phase this pair was making lower highs as noted by the red line in the chart above. The recent breakout has not run into much selling, only minor resistance was seen yesterday which coincided with the 38.2% Fibonacci level. The pair has broken above this level and buyers seem to gaining momentum.
The Global Currency Scalper is looking for a short-term pullback and will be buyers on a dip to the 181.730 level. Targets will be 182.460, 182.650, then the figure of 183.000. We will be placing a stop at 180.700.
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