We have completed the upper-end of the AB=CD move to 115.70 resistance and are now working off the newly formed downward momentum. 38.2% retracement of move C-D falls in at point E, 114.07 along the parallel trend channel.

We look to get short USD/JPY for the third night in a row on a minor uptrend support break at 114.80 for a move down to the 38.2% retracement, and 1.272 Fib Extension level, of 114.10. Stops should be above 115.10.

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.