Daily analysis of USD/JPY for April 6, 2018

USD/JPY

From the weekly low of 105.67, price has gained about 170 pips this week. Now above the demand level at 107.00, price can go towards the supply levels at 107.50 and 108.00. Any risk of pullbacks along the way may not take price below the demand level at 106.50, as price is expected to go further and further higher.

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The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is a Bullish Confirmation Pattern in the 4-hour chart, and thus, price is expected to go further upwards, reaching other supply levels at 107.50 and 108.00.

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