Intraday bias for USDJPY remains bearish. However, the bearish momentum has turned down as the 20 MA and 50 MA flat on hourly chart and the market moves sideways. The pair now is moving within the resistance area at 113.829-114.143. As today’s trade plan, I would like to look for bearish setups within the resistance area in order to look for sell signal confirmation with 113.548 as target or 113.267 in extension.
Be careful if the market managed to break the resistance 114.143 because it will turn the intraday bias to bullish and possibly will push USDJPY up to 114.283-114.457.
Plan: Sell within 113.829-114.143; target at 113.548 or 113.267