You might have just booked profits on your EURJPY long as the market went to a 148.43-47 high. Our entry prices from last night were 147.90 and 148.05 for an average price of 147.98, which makes our second 50-point trade in as many days.

Here's a look at the entries from last night.

You might be wondering why we're jumping ship on this long trade at all-time highs. Well there is a massive reversal pattern in the form of a large AB=CD move to trendline resistance forming just above 148.50

So not only are we dumping our longs, we're flipping to get short. Within the massive daily AB=CD pattern is a smaller AB=CD on the 4-hour chart. The two D legs complete at 148.52 and 148.79,and there is a less significant 1.272 Fib extension of leg B-C furthering our case for reversal above 148.50, once the stops our whipped off the big boy's books.

I'm offering EURJPY at 147.58 and 147.78 with a 147.94 stop. I'll be looking to take some off the table and move the stop lower if we see a move back down into the New York breakout level of 148.30.

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.