Daily analysis of USD/JPY for February 28, 2018

USD/JPY

The pair is bearish in the long term, but neutral in the short term. There are demand levels at 106.50, 106.00 and 105.50, which would impede bearish movements and they would eventually help bring about a bullish reversal. The outlook on JPY pairs remains bullish for this week, and the USD/JPY pair is no exception.

2.png

When a breakout happens, it may be in favor of bulls, as price goes towards the supply levels at 107.00, 107.50 and 108.00. This is what can bring about a Bullish Confirmation Pattern in the 4-hour chart. A breakout to the downside will render this expectation invalid.

The material has been provided by InstaForex Company - www.instaforex.com