I use H1 chart in order to assess today’s market and to find any chance to trade USDJPY and I found that the intraday bias currently is bearish. The pair has pulled back into intraday preference area at 111.279-111.533 and hourly stochastic is almost overbought. I plan to go short if I can get clear bearish signal within the preference area with 111.122 as target and 110.869 in extension.
Be careful if the market managed to break above 111.600 because it will turn the bias to bullish and possibly will push USDJPY up to 111.700-111.943.
Plan: Sell within 111.279-111.533; target at 111.122 or 110.869