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 – both MA are still falling. Intraday bias remains bearish, as well as the mid-term bias. My plan today is short on USDJPY on bearish signal confirmation within the confluence zone at 111.154-111.355 with 111.030 as target or 110.830 in extension.
Be careful if the market managed to break above 111.355 because it will turn the bias to bullish and possibly will push USDJPY up to 111.479-111.679.
Plan: Sell on bearish setup confirmation within 111.154-111.355; target at 111.030 or 110.830