USDJPY currently is testing intraday resistance at 111.305. As today’s trade plan, I would like to look for bullish setups to go long on a pull-back move to within today’s support area at 110.602-110.871 with 111.037 as target and 111.305 in extension. But if no correction occurs, a break above 111.305 might be followed by another bullish move up to 111.573-111.874. In that case, you need to see a clear breach above the resistance area.

Be careful if the market managed to break the support 110.602 because it will turn the intraday bias to bearish and possibly will push USDJPY down to 110.436-110.168.

Plan: Buy within 110.602-110.871; target at 111.037 or 111.305


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