EUR/JPY did not retrace enough of the break above 149.00 to justify an entry, so the trade idea is now invalid. USD/JPY, on the other hand, is showing a nice Gartley sell pattern against trendline resistance at 116.35. If possible, break your stops into halves. The first half should be around 116.64 and the second half should be around 116.84. If you are comfortable with 50 points of risk on the entire position, go with it. Look to cover a portion of the position at 115.50.

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.