USDJPY has a completed double top pattern which has broken below the neckline and has now moved back up to retest it. Should the neckline hold would initially aim for target 1, this are has provided some resistance in the past so may support any move down. Would move the stop down to around 106.75 if we achieve the first target to protect any profits should prices move back up. If we continue lower would look to exit the trade at the second target.
Trade closed: stop reached