On H1 chart we can see that USDJPY currently is testing intraday resistance at 109.901-110.352. Hourly stochastic is overbought. 20 MA and 50 MA has confirmed death cross on hourly chart. I plan to go short if I can get clear bearish signal within the resistance area at with 109.623 as target and 109.345 in extension.

Be careful if the market managed to break above 110.450 because it will turn the bias to bullish and possibly will push USDJPY up to 110.600-111.803.

Plan: Sell within 109.901-110.352; target at 109.623 or 109.345

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.