On H4 chart we can see that USDJPY has broken above 20 MA and 50 MA. A golden cross has been confirmed on H4 chart. However, USDJPY is halted by resistance at 110.658 while the stochastic is overbought on the H4 chart.

My plan is to go short on USDJPY on bearish signal confirmation within the intraday confluence zone at 110.729- 110.345 with 109.867 as target and 109.378 in extension.

Be careful if the market managed to break above 110.729 because it will turn the bias to bullish and possibly will push USDJPY up to 111.449-112.334.

Plan: Sell on bearish setup confirmation within 110.729- 110.345; target at 109.867 or 109.378


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.