*Signal Update: As of 02/06/2015 9:47 EST: The Global Currency Scalper has cancelled its open order on USD/JPY heading into this weekend. We will reevaluate Sunday evening on whether to send this order again.
As of 02/02/2015 @ 9:12 EST:
We have identified USD/JPY as a possible long trade. As you can see from the chart above this pair has been in consolidation mode for the past couple of weeks, centered around the 23.6% Fibonacci retracement level. The overall trend is clearly to the upside and we believe that buyers will step back into the USD/JPY on a break to the upside, of course news that negatively affects the US Dollar could cause a breakdown out of this consolidation.
The Global Currency Scalper will be taking a long position on a break of 119.130 with targets of 119.800, then the figure of 120.000 and eventually 120.700. We will placing a stop with a break of 116.800, if this pair trades through 116.800 our view will turn neutral and further evaluation will be needed.
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