We're offering USD/JPY into the possible end of wave 5 with clear momentum divergence. EUR/JPY has held its bid fairly well, but has not been able to trade 155.50 on 3 separate attempts, which tells us we might have something to lean against there. So the trade for tonight is to scale into a USD/JPY short in thirds. Look to offer 117.65 on a limit, 117.75 on a limit, and 117.85 on a limit. Stops for the whole boat should be just above the figure, allowing for the spread, so 118.05 area. Look to buy back a partial at 117.15, move your stop to cost, and ride the rest down to 116.70 for the balance.

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

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