Daily analysis of USD/JPY for March 2, 2018

USD/JPY

Since January 8, the USD/JPY has shed 800 pips. In the context of a downtrend, price consolidated in the first few days of this week, but it has started coming downwards since yesterday. The market is below the supply level at 105.50, going towards the demand level at 105.00, which may be tested soon.

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The breakout in the market does not favor bulls – rather it favor bears. This has brought about a strong Bearish Confirmation Pattern in the 4-hour chart. The EMA 11 is below the EMA 56, and the RSI period 14 has gone below the level 50, seriously.

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