Intraday bias for USDJPY currently is bullish. The pair now is moving above 20 MA and 50 MA on hourly chart, both MA are rising. Today’s intraday support area is at 113.817-113.287. As today’s trade plan, I would like to look for bullish setups on a pull-back move to within the support area in order to look for buy signal confirmation with 114.145 as target or 114.473 in extension.
However, if no pull-back occurs, a break above 114.145 possibly will trigger another bearish momentum and USDJPY possibly will fall to 114.473-114.839.
Be careful if the market managed to break the support 113.287 because it will turn the intraday bias to bearish and possibly will push USDJPY down to 113.085-112.757.
Plan A: Buy within at 113.817-113.287; target at 114.145 or 114.473
Plan B: Buy on break of 114.145; target at 114.473 or 114.839