*Position Update: As of 02/24/2015 @ 6:57 EST we liquidated our position in USD/JPY with a gain of 13.1 Pips. Considering that in a few hours Janet Yellen gives her testimony to Congress and this position has finally turned profitable we figured we should play it from the conservative side and close it out.
As of 02/17/2015 @ 8:37 EST:
We have identified USD/JPY as a possible long trade. This pair has enjoyed a very strong run since August of 2014, peaking out in December of 2014. Since then it has been going sideways within a 500 Pip range, sooner or later this pair will breakout one way or the other. In the meantime we look to trade it on potential short-term moves. The USD/JPY tested last weeks low of 118.300 and has held indicating a bullish test. Although the rise off last weeks low has been slow and steady, it's still a bullish test nonetheless.
The Global Currency Scalper will be going long USD/JPY with a break of 119.400, forecast of 120.300, 120.750 and the figure of 121.000 could be seen. We will place a stop with a break of 117.900, if this pair trades through this level before initiating a position our view will turn neutral and further evaluation will be needed.
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