Today EUR/JPY hit an area of resistance around 137.45, forming a double top on the daily chart.  We've been predominantly in an uptrend over the last several months, so long term, I'm still bullish.  However, with the formation of the double top, now may be a good time for the pair to take a breather and retrace back to the rising trendline.  Of course, it could go ahead and just break through the resistance, in which case I think we'd see a decent move up.

So, in anticipation of either move, I'm going to straddle today's price action with a buy above today's high and a sell below the low.  Here are my orders.

• Long Entry:  137.506
• Initial Stoploss:  135.722

• Short Entry:  135.722
• Initial Stoploss:  137.506
  

There's a pin bar forming on the USD/JPY daily chart tonight.  The predominant trend is down, and a nice pin bar has formed at what I'm expecting to be the top of a retracement.  Of course, as always, I could be wrong.  Check out the chart...

I entered a short position in USD/CAD tonight after the pair broke through an area of support around 1.1455 with a nice wide-range body candle.  This plus the overall downtrend on the daily chart was enough for me to put some money on the line and see if it continues its move down.

Here's the daily chart...

• Short Entry:  1.13686
• Initial Stoploss:  1.15101
  

Today many of the pairs I follow saw a strong resumption of the major trend after experiencing a bit of a correction the past week or so.  I'm looking at GBP/JPY in particular, which bounced nicely off of the rising trendline.  The daily chart is shown below.

I'm going to jump into a long position in this pair and see if the prevailing trend continues to carry us up.  There's a bit of overhead resistance where a double top has formed, so I'll be watching carefully around that price level to see how the pair reacts.

• Long Entry:  147.505
• Initial Stoploss:  142.75 

On another note, I closed half of my EUR/AUD short earlier this month at 1R, but the second half is still open.  Today's thrust downward is an encouraging sign that that pair's move down may not be over yet.

I'm still bearish on the JPY, based on the recent daily charts of the various JPY crosses.  Tonight I've entered a long position in EUR/JPY.  Recent price action on the daily chart shows the pair bouncing off of the rising trendline on the daily chart at a level that has served as an area of support and resistance in the past.

Take a look at the daily chart below.  The red circles indicate some times in the past when this price level has been tested, both from above and from below.  The past couple of days seem to indicate that this area will hold as support and the pair will continue higher.