Daily analysis of USD/JPY for May 8, 2018

USD/JPY

The recent trend is in a precarious position. Price did not go upwards significantly last week, neither has it gone in a directional mode this week (the market is currently consolidating). There would soon be a rise in volatility, which would most probably favor bears. One of the reasons why the price has not come down significantly is the stamina in USD.

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A significant movement upwards from here would result in a Bullish Confirmation Pattern, while a significant downward movement from here would result in a Bearish Confirmation Pattern, which is expected this week.

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