On H4 chart we can see that USDJPY remains in bearish bias and testing resistance area even though it has broken above 20 MA and 50 MA. Stochastic is overbought. Our confluence zone is at the range of 109.280-109.912.

My plan is to go short on USDJPY on bearish signal confirmation within the intraday confluence zone with 108.888 as target and 108.255 in extension.

Be careful if the market managed to break above 109.912 because it will turn the bias to bullish and possibly will push USDJPY up to 110.304-110.937.

Plan: Sell on bearish setup confirmation within 109.280-109.912; target at 108.888 or 108.255

USDJPY-29-August-2017

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