USDJPY currently is under heavy pressure, testing intraday key support area at 109.342. If the support breaks, USDJPY possibly will continue to fall to 108.816-108.228. My plan is to look for strong bearish setups confirmation on a pull-back move to within the resistance area at 109.868-110.456 in order to go short with 109.342 as target and 108.816 in extension. As backup plan, you might want to wait for a clear break below 109.342 before taking short position.

Be careful if the market managed to break the resistance 110.456 because it will turn the intraday bias to bullish and possibly will push USDJPY up to 110.719-111.044.

Plan A: Sell within 109.868-110.456; target at 109.342 or 108.816
Plan B: Sell on break of 109.342; target at 108.816 or 108.228

USDJPY Chart:

Leave a Reply

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