On H1 chart we can see that USDJPY currently is in upward trajectory, testing intraday resistance area at 111.258. A golden cross has been confirmed form 20 MA and 50 MA on hourly chart. However, note that hourly stochastic is overbought. My plan is to look for bullish signal confirmation on a pull-back move to within today’s support area at 110.319-109.738 with 110.678 as target and 111.258 in extension.
If no pull-back occurs, a break above 111.258 possibly will be followed by another bullish move up to 118.838-112.487.
Be careful if the market managed to break below 109.738 because it will turn the bias to bearish and possibly will push USDJPY down to 109.379-108.799.
Plan: Buy within 109.901-110.352; target at 109.623 or 109.345