We are carrying 149.05 long EUR/JPY positions into tonight's Asian open. Look to proactively book profits on a push into 149.55. Hopefully, as you are booking profits on EURJPY, you will be getting filled short on USD/JPY. We are targeting a push into 116.00 Fib support zone derived from price legs A-B and C-D on the parallel channel that has contained USD/JPY since July.

As mentioned above, I am looking for the Yen products to trade bid pre-Asia, which puts EUR/JPY at our target, and USD/JPY into our short price of 117.15. Stops should be just above 117.45 and the initial take profit is a re-test of the New York lows in the 116.60 area. After the New York lows are cleared, put a piece in your pocket for the move down into our 116.00 zone.

For more aggressive traders, shorts could also be initiated between 116.90-117.00 with stops just above the 117.20. This is in the event the current retracement remains very shallow after such a powerful down leg from 118.00.

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

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