We are hearing of large players that need to square up US dollar shorts heading into the last day of November, which began today in Tokyo. Plus, there are well known 116.50-60 USD/JPY stops that Tokyo will reach for. Should 116.50 resistance give way, wave C target at 116.75 will likely cap the price action heading into in London. Aside from this and the EUR/USD break below 1.3135, there's not a whole lot to get excited about from my perspective.

Daily and Weekly Pivot Points

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

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