I am short a light EUR/USD position at 1.3460 targeting the 1.3420 zone shown this morning. We currently trade 1.3469 just under my 1.3475 stop. I believe that USD/JPY might have a bit more bang to the upside, as opposed to EUR/USD bang to the downside, considering the over trend strength of EUR/JPY.

For tonight, I am very interested in to buy USD/JPY at the projected end of wave 4, as compared to the previous wave 2, at 121.35 area. Stops can be just below 121.20 and we target the end of W.5, as compared to the distance of W.1, as 121.75.



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

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