USDJPY currently is moving in bearish bias as we can see on hourly chart. On H4 chart, the price currently is moving below 20 MA and 50 MA but note that stochastic is oversold. However, my bias on USDJPY currently is bearish for intraday outlook as it is moving in downtrend on the hourly chart. Therefore, I plan to go short on USDJPY on bearish signal confirmation on a pull-back move to within the confluence zone at 111.349-111.546 with 111.228 as target or 111.032 in extension.

However, be careful if the market managed to break above 111.546 because it will turn the bias to bullish and possibly will push USDJPY up to 111.667-111.863.

Plan: Sell on bearish setup confirmation within 111.349-111.546; target at 111.228 or 111.032

USDJPY-11-January-2018

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