After breaking out of because of the "Trump Tax Plan" news, FX:USDJPY failed to follow up the bullish momentum and broke not just the 50ma but also the support level at 113.50.
Short Entry: 113.494 SL: 113.6 TP: 113(possible the price will bounce off the 200ma)-112.470
I believe shorting is also correct and that this rise in the usd/jpy yen started yesterday when the president announced todays meeting with the prime minister of Japan. Now that it is over the previous demand level is be here shortly. This meeting did not show up on the Forex Factory calendar, it was a surprise only to be found by following the news and being there at the right time.
SimpleMillennialAverage
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@snoopy11223, I also believe is a head fake but its better to be safe and tp/move stops at 113 just incase the trade goes against us