At around 9:00 p.m. last night, the EUR/JPY moved down to our target support zone to put in a 150.80-84 low. Asian sellers, just like my NY Giants, ran out of gas last night as buyers stepped up to the table. I just paid up and bought EUR/JPY at 150.88 as it was pretty obvious that 80 bids were not going to be done. We're out of a portion of the position on the re-test of the 151.45 highs for a nice 50-point gain to start off the week. I'm watching this USD up move quite intently and believe it's just a setup before new lows are made.

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

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