Daily analysis of USD/JPY for June 12, 2018

USD/JPY

The market tried to move upwards a little on June 11. The USD/JPY pair is bullish in the long term but neutral in the short term. In the last two weeks, the price has generally oscillated between the demand level at 108.50 and the supply level at 110.50. However, a smooth bullish movement would bring about a bullish outlook in the market.

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The EMA 11 has crossed above the EMA 56, and the RSI period 14 has crossed the level 50 to the upside. Should the price continue to move further upwards, the bias in the market would become clearly bullish (leading to the Bullish Confirmation Pattern in the past).

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