EUR/JPY broke down quite nicely at 162.40 from our textbook B-wave triangle to a 162.04 area low. I have this counted as the completion of minor degree wave 3, and would like to offer into 162.35 measured move resistance for a minor degree 4th. This is a cheap trade because stops can be as close as 162.55. If filled on our sell limits, the implications are for a move much lower into the 161.00 zone, so targets for tonight will remain open.



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

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