Daily analysis of USD/JPY for May 14, 2018

USD/JPY

The bias on the USD/JPY pair is bullish and the trend is still in a precarious position. Price did not go in a strong directional movement last week. It only oscillated between the demand level at 109.00 and the supply level at 110.00.

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A breach above the supply level at 110.00 is anticipated this week, although bulls may not be able to enjoy that victory for a long time, because there is a possibility of a fall back towards the demand level at 109.00. There is currently a Bullish Confirmation Pattern in the market, which is, though, weak.

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