I usually use H1 chart for intraday technical analysis. However, I am not too sure that USDJPY really is in bullish bias for today, since H1 chart doesn’t show a good uptrend. 20 MA has crossed above 50 MA, but the candles show a choppy market. Therefore, I decided to look at the H4 chart for a wider point of view and I found that the price is testing 50% Fibonacci and the stochastic is overbought. Based on this analysis, I decide that my bias for USDJPY is bearish for today.
I plan to go short if I can get clear bearish signal within the resistance area at 111.562-111.975, with 111.051 as target and 110.225 in extension. Be careful if the market managed to break above 112.462 because it will turn the bias to bullish and possibly will push USDJPY up to 112.900-113.725.
Plan: Sell within 111.562-111.975; target at 111.051 or 110.225