USD/JPY has broken from key 101.02 resistance and targets 101.85 in the very, very near term. I am long from 101.22 and will book partial profits into this 101.80 level, trail stops to above my entry, and look to the stock market for further clues. We just missed the EUR/GBP fill, which is quite a bummer as I was all over that the EUR/GBP top like a cheap suit. Gold is also moving very well for us. Watch that first $876/oz target to put in a tradable bounce in EUR/USD.



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

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