USDJPY currently is moving in uptrend as we can see on hourly chart. On H4 chart, the price currently is moving above 20 MA and 50 MA but note that stochastic has crossed down. However, my bias on USDJPY currently is bullish for intraday outlook as it is moving in uptrend on the hourly chart. Therefore, I plan to go long on USDJPY on bullish signal confirmation within the confluence zone at 113.146-112.991 with 113.285 as target or 113.423 in extension.

However, be careful if the market managed to break below 112.911 because it will turn the bias to bearish and possibly will push USDJPY down to 112.836-112.698.

Plan: Buy on bullish setup confirmation within 113.146-112.991; target at 113.285 or 113.423

USDJPY-8-January-2018

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