Moderate yen weakness continues today suggesting EUR/JPY and USD/JPY are still in wave 4 corrective patterns that have room to move to the upside. I am looking for a show strength above 116.00 trendline resistance in USD/JPY to increase our conviction that higher prices are coming. For today, I am standing aside to collect more price data before making our next move. Watch today's video here.

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

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