Daily analysis of USD/JPY for May 2, 2018

USD/JPY

There is a Bullish Confirmation Pattern in the USD/JPY 4-hour chart. The market is now above the demand level at 109.50 and it could reach the supply level at 110.00. Further northwards movement is anticipated before the reversal in the market, which may also be visible on other JPY pairs.

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Owing to the current bullish effort in the market, the price could go further upwards, but that would be a temporary thing owing to the expected reversal in the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50.

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