Daily analysis of USD/JPY for April 8, 2018

USD/JPY

The USD/JPY is bearish in the long term, and bullish in the short term. In the short term, price gained 180 pips from the low of last week, reaching the supply level at 107.50. Then there was a slight bearish correction in the market, which would eventually turn out to be an opportunity to buy long at better prices. A rally is very likely this week, which would push price upwards by 200 pips.

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This movement would be strong enough to override the long-term bearishness in the market. 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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