EUR/JPY staged a late day pop to 168.20 after consolidating above 168 the figure level for most of the session. For a time there today I was concerned that EUR/JPY was going to crack the figure, but if you kept track of the DJIA technicals today, you knew that 13,826 was solid technical support. The previous retracement totaled 195 points, and if projected lower form the 14,021 high, you arrived at a target support of 13,826. I told myself that if this level cracked, I would lighten up my EUR/JPY position.



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

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