I am going to keep the pressure on AUD/JPY tonight and re-sell into the 100% and 161.8% projection levels of wave 4 compared to wave 2. I am loading up to sell one unit at 68.60, and then 3 units at 68.90, with stop losses for everything at 68.35. Initial profit on a single unit is a retest of the New York lows at 68.05, trail stop on the balance to cost, and then I will try to hold the other three units for the move down into massive Fib zone support at 67.60. If short and we get a look at that 67.60 support zone, that is not the time to be bold as we are facing the end of wave iii into trendline support and a sizable bounce is due. In other words, be nimble when taking final profits down there.



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

Disclaimer
The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.