USDJPY is moving in bullish bias for intraday outlook. 20 MA and 50 MA are rising on hourly chart and the pair is moving above them, testing intraday resistance area at 111.966. Note that hourly stochastic is falling, so I think I will look for bullish setups on a pull-back move to within today’s support area at 111.785-111.582 with 111.966 as target and 112.147 in extension. If no pull-back occurs, a break above 111.966 possibly will be followed by bullish move up to 112.147-112.350.
Be careful if the market managed to break the support 111.582 because it will turn the intraday bias to bullish and possibly will push USDJPY down to 111.378-111.197.
Plan A: Buy within 111.785-111.582; target at 111.966 or 112.147
Plan B: Buy on break of 111.966; target at 112.147 or 112.350