On H1 chart we can see that USDJPY remains in upward trajectory, approaching intraday resistance area at 111.407. On H4 chart, a golden cross has been confirmed by 20 MA and 50 MA. However, note that hourly stochastic is overbought. My plan is to look for bullish signal confirmation on a pull-back move to within today’s support area at 110.103-110.792 with 111.407 as target and 112.022 in extension.
If no pull-back occurs, a break above 111.407 possibly will be followed by another bullish move up to 112.022-112.711.
Be careful if the market managed to break below 110.103 because it will turn the bias to bearish and possibly will push USDJPY down to 109.795-109.414.
Plan: Buy within 110.103-110.792; target at 111.407 or 112.022
Alternative Plan: Buy on break of 111.407; target at 112.022 or 112.711