Intraday bias for USDJPY remains bearish. The pair now is moving below 20 MA and 50 MA on hourly chart, both MA are falling. Today’s intraday resistance area is at 112.304-112.548. As today’s trade plan, I would like to look for bearish setups on a pull-back move to within the resistance area in order to look for sell signal confirmation with 112.152 as target or 111.908 in extension.
However, if no pull-back occurs, a break below 111.908 possibly will trigger another bearish momentum and USDJPY possibly will fall to 111.664-111.390.
Be careful if the market managed to break the resistance 112.548 because it will turn the intraday bias to bullish and possibly will push USDJPY up to 112.700-112.944.
Plan A: Sell within at 112.304-112.548; target at 112.152 or 111.908
Plan B: Sell on break of 111.908; target at 111.664 or 111.390