On H1 chart we can see that USDJPY remains in upward trajectory, approaching intraday resistance area at 111.767. On H4 and H1 chart, 20 MA and 50 MA are still rising. However, note that hourly stochastic is overbought. My plan is to look for bullish signal confirmation on a pull-back move to within today’s support area at 111.202-111.500 with 111.767 as target and 112.034 in extension.
If no pull-back occurs, a break above 111.767 possibly will be followed by another bullish move up to 112.034-112.332.
Be careful if the market managed to break below 111.202 because it will turn the bias to bearish and possibly will push USDJPY down to 111.069-110.904.
Plan: Buy within 111.202-111.500; target at 111.767 or 112.034
Alternative Plan: Buy on break of 111.767; target at 112.034 or 112.332