We have identified EUR/JPY as a potential trend reversal short trade. This pair has been in an uptrend on the daily and weekly charts but is showing signs of rolling over. Initially trying hold and bounce off the 23.6% level but after a consolidation period it has begun to breakdown. Could this be the start of a new trend?
With some support levels below the Global Currency Scalper would like to see these levels broken before initiating a position. Shorts will be taken on a break of the 144.400 level, targets of the figure 144.000, 143.350 and then further down to the 142.150 level. Stops will be placed at 146.500, if this level is taken out prior to initiating our position the Global Currency Scalper's opinion will change to neutral with further evaluation to be given.