Daily analysis of USD/JPY for April 24, 2018

USD/JPY

This currency trading instrument shot skywards on April 23, 2018.The market gained 138 pips that day alone, moving above the demand level at 108.50 and closer to the supply level at 109.00. That supply level would be breached to the upside as the price goes further skywards.

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There is now a Bullish Confirmation Pattern in the market, which is brought about by the recent rally. The short-term bias is bullish, but once the price goes above the supply level at 109.50, the long-term bias also would turn bullish. Short trades are not currently recommended, owing to a buying pressure in the market.

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