We are taking our offers to sell USD/JPY at 120.25 into the Tokyo Session. But I am going to make a last minute addition to the sell limit. I have split the order into halves to sell at 120.25 and 120.35 with 120.55 stops remaining. But into the New York close, USD/JPY has pulled back to back some intra-day support of 119.55-60 that could be used a spring board to send USD/JPY higher. We're going to trade both sides of USD/JPY tonight. I am looking to buy USD/JPY between 119.55-60 with stops at 119.40. Take profits should be just ahead of your orders to get short at 120.25, say 120.20. If filled on your shorts at 120.25 and 120.35, use the breakout point from tonight to book partial profits and trail the stop to breakeven.



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

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