USDJPY has pulled back into today’s confluence zone. On the H4 chart, we can see that the price has pulled back to the area between 20 MA and 50 MA. Intraday bias remains bearish. My plan today is short on USDJPY on bearish signal confirmation within the confluence zone at 112.427-112.768 with 112.215 as target or 111.874 in extension.
Be careful if the market managed to break above 112.768 because it will turn the bias to bullish and possibly will push USDJPY up to 112.980-113.321.
Plan: Sell on bearish setup confirmation within 112.427-112.768; target at 112.215 or 111.874