We are going to continue focusing on the EURJPY call from Friday as the dollar contemplates the next move from this deep 85.00 support level. We are playing a retest of former resistance 150.70 turned support. The inset 30 min chart shows a nice 46 point measured move pointing to uptrend channel support in the vicinity of 150.80. For tonight, let's look to buy a half position at 150.80, the other half at 150.70, and the stop for both halves should be around 150.45. Don't be afraid to book partial profits on a retest of the 151.45, to then keep a piece for a possible breakout to new all-time highs.

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

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