I can't wait for Thursday and Friday of this week on so many different levels. But in the meantime, we're still offering EUR/USD above us, and I'm putting USD/JPY on the order board. There's a pretty solid Gartley W.2 sell pattern up at 107.50 as we trade around the 107 figure. RSI is showing trendline resistance indicating that upward momentum should be reaching a peak if we break into my sell zone. Now, what would really make my birthday peachy is if, first, the groundhog does not see his shadow, and second, we get paid (sell limits filled) in both USD/JPY and EUR/USD at relatively the same time to make us synthetically short EUR/JPY. Then, whichever piece of economic data the markets chooses to focus on will hold the DJIA below 12,700 resistance and point it downhill towards the 11,634 low, which will then drag the flagship carry trade, EUR/JPY, along with it. I am offering USD/JPY at 107.48 with 107.90-area stops.



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

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