On H4 chart we can see that 20 MA and 50 MA are still rising, while the stochastic is overbought. Hourly stochastic is falling. Our intraday support area currently is 111.590-111.841. I plan to go long on USDJPY, if I can find a clear bullish signal on a pull-back move to within today’s support area with 112.066 as target and 112.291 in extension.
Be careful if the market managed to break below 111.478 because it will turn the bias to bearish and possibly will push USDJPY down to 111.339-111.114.
Plan: Buy on bullish setup confirmation within 111.590-111.841; target at 112.066 or 112.291