USD/JPY
The USD/JPY pair is bearish in the long term, and bullish in the short term. After price rammed into the demand level at 105.00 on March 23, it has gone upwards by 280 pips since then. Price closed above the demand level at 107.50 on Friday and it may even reach the supply levels at 108.00 and 108.50 this week....
Before the anticipated reversal occurs, price could go upwards a little bit. The reversal may be strong enough to take price towards the demand level at 107.50. Yes, there is a Bearish Confirmation Pattern in the market.
The material has been provided by InstaForex Company - www.instaforex.com