A bid dollar out of the Asian market opening has pushed USD/JPY towards Friday's highs of 112.00-112.20. The dollar is also stronger against the euro, but still 50 points above the Friday lows of just below 1.2700. This is primarily due to a strong EUR/JPY that is threatening a breakout from the 30-minute inset triangle pattern at 143.00. Should we see a 143.00 breakout, look to bid into the retest of 1.4275 with stops below 142.35 and target the intersection of trendline resistance and .707 at 143.85.

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

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