On H4 chart we can see that 20 MA and 50 MA are still falling. The price currently is testing our intraday resistance area at 110.580-111.040. Hourly stochastic has crossed down. My plan is to go short on USDJPY based on this bearish signal confirmation within the resistance area with 110.296 as target and 110.120 in extension.

Be careful if the market managed to break above 111.040 because it will turn the bias to bullish and possibly will push USDJPY up to 111.324-111.642.

Plan: Sell on bearish setup confirmation within 110.580-111.040; target at 110.296 or 110.120


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