For tonight, I am working bids into the channel and broken trendline resistance-turned-support at 116.05 in the USD/JPY currency pair. This should complete the second wave pullback, which sets up waves 3, 4, and 5 into the final 117.90 target that will also complete the major wave 4. Stops will be just below 115.80, and if filled long, I will book partials profits move stops to cost on the balance if 116.50 deals.



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

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