EUR/JPY went from entry point to my take profit in about 4 minutes invalidating my trade call for you tonight. So then I re-did my column with a new game plan, and that one played out in about 5 minutes. So here's my third column of the night. EUR/JPY has been all over the map in one of the busiest Tokyo sessions we have seen in months. It started with a decent pace of yen selling that put USD/JPY and EUR/JPY to and through the New York session highs. Then, a rumor of a large amount of yen repatriation by an asset manager sent EUR/JPY back towards the New York 155.36 pivot, and USD/JPY well through the 117.00 figure lows. Then, if that isn't enough action for Tokyo, traders started hammering the dollar as EUR/USD ran 1.3300 stops and USD/CHF 1.2100 stops, both 2007 dollar lows.

So, where does that leave us. We were playing the 155.69 152.62 EUR/JPY move as a 5-wave impulse in C. But the move through 154.18 invalidated that count and is making a strong case for a complex correction up in B. We are looking at a possible A-B-C-X-A-B-C to Fib zone target 157.65 for next week.

Moving down to our execution chart, we note heavy UK interest at around 155.36. The high price at the London open was 155.36, as was the high price and breakout point at the London close was also 155.36. Longs can be established between here and 155.10 with stops below 155.00. Look to take partials and stop move to cost at 155.80, for a final push to the .618 ret at 156.20.

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

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The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.