USD/JPY is facing significant trendline, Fib resistance in the 114.50 zone that could possibly complete this corrective sequence, clearing the path for the next trend wave back towards the 111.50 lows. For tonight, I am loaded up to sell USD/JPY at 114.45 and 114.55 with stops at 114.75. Once I have more conviction that this corrective sequence has completed, I will add to the position for the return to the lows.

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

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