USDJPY currently in bullish bias for intraday outlook, moving above 20 MA and 50 MA on hourly chart and both MA are rising. On H4 chart, the price is also seen moving above 20 MA and 50 MA, but 20 MA remains below 50 MA. Note that stochastics has crossed up on H1 chart but overbought on H4 chart.
I plan to go long on USDJPY on bullish signal confirmation on a pull-back move to within the confluence zone at 113.215-113.068 with 113.306 as target or 113.454 in extension.
However, be careful if the market managed to break below 113.068 because it will turn the bias to bearish and possibly will push USDJPY down to 112.976-112.829.
Plan: Buy on bullish setup confirmation within 113.215-113.068; target at 113.306 or 113.454