Daily analysis of USD/JPY for March 8, 2018

USD/JPY

The situation of this currency trading instrument remains unchanged. Price is currently above the demand level at 106.00, going towards the supply level at 106.50. There is another demand level at 105.50. All these are happening in the very-short term. The medium-term bias on the market is neutral.

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The long-term bias is bearish. The EMA 11 is below the EMA 56, and the RSI period 14 is slightly below the level 50. There is currently a Bearish Confirmation Pattern in the 4-hour chart, which pinpoints further southwards movement (provided the market does so).

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