Market action was limited today ahead of tomorrow morning 's ECB interest rate announcement and Friday's jobs number. The yen weakness and British pound strength continue to be the dominant theme. We are still watching for the 1.9050 GBP/USD break to trigger our EUR/GBP into setup. USD/JPY is looking at a little trendline break of 117.40 that could setup a test of the projected move to 118.00. Wait for the break of the trendline first to place your bids at 117.45 after 117.55 fails initially, with stops 25 points lower than your entry. The target will be the technically significant 118.00 level.

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

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