We took a light stop in USD/JPY as price action settles within this Wave 4 correction. Below 113.50, and our 113.00 target is in play. Above 114.10, and we will target 114.60. But while below 114.10 and above 113.50, this corner will be hanging back waiting for more price data to come.

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

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