We took the 120.25 stops for a 30 point ding last night. USD/JPY is hovering above critical 118.65 daily and intra-day channel support. Once dealt here, the outlook should be a bit clearer. We continue to leave our orders to sell 120.25 and 120.35 above us. The intra-day volatility was sufficient to position light scalps to make back last night's negative profit and loss. Sterling was relatively stronger than most against the dollar and euro after strong pricing data last night.



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

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