Daily analysis of USD/JPY for June 8, 2018

USD/JPY

What the USD/JPY pair has done so far this week is best called a week-long consolidation. And price is now coming downwards gradually. A movement above the supply level at 110.50 will result in a bullish signal, and a movement below the demand level at 108.50 will result in bearish signal.

analytics5b1a9386c69c4.png

There is an ongoing threat to the bullishness in the market, as price has been coming downwards gradually. In case the current situation holds out a little longer, the EMA 11 would cross the EMA 56 to the downside. The RSI period 14 has already crossed the level 50 to the downside, and that could result in a Bearish Confirmation Pattern.

The material has been provided by InstaForex Company - www.instaforex.com