Today's sub-50 print of the ISM Non-Manufacturing Index for February does suggest contraction in the services sector of the U.S. economy. However, the figure did exceed both consensus expectations and last month's abysmal reading, and that was enough to spark a rally in equity markets and yen crosses alike during today's New York session. After a nearly vertical 130-pip rally through today's M4 and R2 pivot points, the GBP/JPY gave traders a second chance. From entry at the retest of M4 pivot point, to logical exit at the 200 ema on the hourly chart just prior to London close, the conservative long trade produced north of 100 pips.