USDJPY currently is under heavy pressure, testing intraday support area at 112.247. 20 MA has crossed below 50 MA on hourly chart. I plan to go short if I can get clear bearish signal from a pull-back move to within the resistance area at 112.812-113.160, with 112.596 as target and 112.247 in extension. If no pull-back occurs, a break below 112.247 might be followed by another bearish move to 111.898-111.508.

Be careful if the market managed to break the resistance 113.160 because it will turn the intraday bias to bullish and possibly will push USDJPY up to 114.077-114.361.

Plan A: Sell within 112.812-113.160; target at 112.596 or 112.247
Plan B: Sell on break of 112.247; target at 111.898 or 111.508


Leave a Reply

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