USDJPY has pulled back into the intraday confluence zone. On the hourly chart, I decided to pick the minor downtrend as overbought condition is seen on both H4 and H1 stochastic. My plan today is short on USDJPY on bearish signal confirmation within the confluence zone at 113.892-114.208 with 113.697 as target and 113.382 in extension.

Be careful if the market managed to break above 114.208 because it will turn the bias to bullish and possibly will push USDJPY up to 114.403-114.718.

Plan: Sell on bearish setup confirmation within 113.892-114.208; target at 113.697 or 113.382

USDJPY-8-NOVEMBER-2017

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