I have to say that I'm not overly thrilled with USD/JPY or EUR/USD price action, in either direction. I still like EUR/USD a bit higher, but 1.2980 should prove to be a decent source of resistance and USD/JPY has not shown very much life after the 122.00 stop clear. You should now be flat at even in USD/JPY. With EUR/USD resistance and USD/JPY's sluggishness, EUR/JPY could be a nice sell. Further, there is a nice Gartley sell pattern forming on the 120-minute chart just above 158.00.

I am going to look to get short in halves at 158.05 and 158.15 with stops above 158.25. Considering the price action, I try to move in and out of this trade around the New York lows to finance my stop a little.



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

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