The USD/JPY currency pair broke down nicely this morning in our "D" wave of the 4th wave triangle of one larger degree. While below 114.70, we are actively targeting 113.50 on our USD/JPY short positions for the final push. My stops have moved to 114.70, and as I described in the video, could be in danger as the move up from 114.00-area this morning was fast and ferocious, not characteristic of a normal pullback in the course of the longer-term downtrend.

Click here for the video.

Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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