We're going to add USD/JPY to our list of intra-day technical setups. There are rumors of EUR/JPY intervention above 150, which should help keep USD/JPY below 118.25. Look to sell into a test of the .618 retracement at 117.95, as well as the .786 retracement at 118.15. Stops can go at 118.25 and you should look to book partials on the approach of this morning's pre-New York lows of 117.60.

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

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