We are going to continue on with EUR/JPY targeting 161.15. There is a pair of projected wave 5 symmetry levels at 161.16 and 161.20 that we will target for a 5th wave termination ahead of this weekend's G-7 meeting. 161.16 is the projected distance to finish the 5th wave, compared to the wave 1 that began on March 28th, and finished on March 30. Within this current 5th wave is a smaller 5-wave sequence that is projected this smaller 5th wave, within the larger 5th wave, to complete only pips away.

Our entry zone is between 160.55 and 160.35 with stop losses at 160.25. Aggressively take all profits above 161.00.



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

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