Intraday bias for USDJPY currently is bullish. Note that MA 20 has crossed above 50 MA on hourly chart and price is moving above the MAs. Market is testing intraday key resistance at 113.789 but note that hourly stochastic has crossed down from the overbought area. As today’s trade plan, I would like to pay attention on the support area at 113.278-112.450 in order to look for buy signal confirmation with target at 113.789-114.300.
However, if such pull-back doesn’t occur, you should prepare to see another bullish move up to 114.300-114.873 if the market managed to break above 113.789.
Be careful if the market managed to break the support 112.450 because it will turn the intraday bias to bearish and possibly will push USDJPY down to 112.133-111.622.
Plan: Buy within 113.278-112.450; target at 113.789 or 114.300
Alternative: Buy on break of 113.789; target at 114.300 or 114.873