Daily analysis of USD/JPY for May 3, 2018

USD/JPY

The USD/JPY is consolidating in the context of an uptrend. The market is now above the demand level at 109.50 and it could reach the supply level at 110.00. Some fundamental factors are still expected today, and they may have impact on the market. They may even support the ongoing bullish bias.

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Owing to the current bullish effort in the market, 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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