Continuing on with the idea that Tokyo wants the 120 stops that went completely unscathed in 2006, Todd Gordon is looking to get long on a symmetrical pullback to the .618 retracement level.
USD/JPY gave us a quick false break lower on the 118.50 stop entry and knocked us for 25 points. USD/JPY still feels very heavy, however, over the next 24-48 hours on this upward trend channel. But before we break lower, traders are first looking for the Friday to Sunday gap down to be filled.
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