Moves back below 2007 high
The USDJPY took peaks below the 124.13 level on a few occasions in the NY trading, but could not sustain momentum. This time is a different story as there has been more selling. The move will leave longs a bit disappointed at the inability to get and stay above the level. However, the fall - although quick - moved right down to the closing level from yesterday at the 123.64 area and stopped (the low came in at 123.668).
If the sellers got something going - and you are itching to play from the short side - the 123.97-13 area
There is a chink in the longs armor. Can the momentum continue. Get to negative on the day is the next step.
