Our offers to get short EUR/JPY were never threatened last night as EUR/JPY morphed away from our A-B-C correction towards 163.00, into a 5-leg triangle in wave B that is threatening breakdown as I type. In short, I am short from an average of 162.38 with stops just above 50 for a breakdown towards the 161.75 area lows. US bond yields gapped higher this morning, giving equity bulls more reason to jump ship, which should pressure our EUR/JPY.



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

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