USD/JPY one more time...breaking on news

We keep fiddling with this trade…short USD/JPY…we have an extension into the 113.70; which ended up as today’s high…other extensions in the neighborhood. News from Japan:

TOKYO, Dec 14 (Reuters) - Japanese manufacturing activity has expanded in December, a preliminary survey showed on Friday, but export orders have contracted at the fastest pace in more than two years, a worrying sign of weakening overseas demand.

The perverse currency which tends to do better on bad news…

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