UsdJpy reversal in play.

FX:USDJPY   U.S. Dollar / Japanese Yen
38 1 1
Last week We had a long trade which was stopped out on this pair before turning around and hit our target.
This is a common theme after NFP. Sometimes we would love a bigger stop but it is better to live to trade another day than to be exposed to the volcano.
Anyway, this pair as we can see broke the momentum high 123.59. Price failed to remain above this point which means we can sell with our eyes open.
Note: The dollar is still very strong, but we cannot pass on a reversal trade.
We target 122.42 first and 121.72 in extension.
Our stop for this trade is place at the high of the move 123.78.
GLT             ...
For more info and updates follow us on twitter @ charts_247
USDJPY Below 123.00 we remain short in the pair for now...
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