Along with our Sterling idea, I am watching a big EUR/JPY Gartley buy setup in 155.12-28 zone. The yen crosses have been under heavy selling pressure ahead of this weekend's G-7 and moved into oversold status at technical support. I am not looking for a full-fledged reversal here, only to play a bounce back towards the 155.77 for starters. I have divided the buy zone into thirds against Fib support and am bidding 155.25, 155.15, and 155.05 with stops at 155.95. I will happily book profits on partials into a test 155.77, and then move the stops to breakeven on the rest.



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

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