Daily analysis of USD/JPY for May 16, 2018

USD/JPY

The bias on this pair is bullish – and the trend is now in a strong position. The demand level at 110.00 has been breached to the upside, and while there is a currently a shallow bearish retracement in the market, price is now aiming at the demand level at 110.50.

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There is currently a Bullish Confirmation Pattern in the market, which has become stronger as a result of the surge in the bullish movement. For this rally to be sustained, there is a need for continuous buying pressure in the market.

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