On H1 chart we can see that the intraday bias remains bearish for USDJPY. The pair has pulled back to within intraday resistance area at 110.850-111.083 and hourly stochastic is overbought. I plan to go short if I can get clear bearish signal within the resistance area with 110.706 as target and c in extension.

Note that the price has broken above 20 MA and 50 MA on hourly chart. Be careful if the market managed to break above 111.150 because it will turn the bias to bullish and possibly will push USDJPY up to 111.227-111.460.

Plan: Sell within 110.850-111.083; target at 110.706 or 110.706

USDJPY Chart:

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.