On H4 chart we can see that 20 MA and 50 MA are still falling as well as on the hourly chart. The price has pulled back into resistance area at 111.950-112.300. Hourly stochastic is not overbought yet, so I plan is to go short on USDJPY if I can get clear bearish signal within the resistance area with 111.676 as target and 111.397 in extension.

Be careful if the market managed to break above 112.406 because it will turn the bias to bullish and possibly will push USDJPY up to 112.579-112.858.

Plan: Sell on bearish setup confirmation within 111.950-112.300; target at 111.676 or 111.397

USDJPY Chart:

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