USDJPY currently is testing intraday resistance at 112.187. As today’s trade plan, I would like to look for bullish setups to go long on a pull-back move to within today’s support area at 111.411-111.707 with 111.891 as target and 112.187 in extension. But if no correction occurs, a break above 112.187 might be followed by another bullish move up to 112.483-112.815. In that case, you need to see a clear breach above the resistance area.
Be careful if the market managed to break the support 111.411 because it will turn the intraday bias to bearish and possibly will push USDJPY down to 111.227-110.931.
Plan A: Buy within 111.411-111.707; target at 111.891 or 112.187
Plan B: Buy on break of 112.187; target at 112.483 or 112.815