Daily analysis of USD/JPY for May 17, 2018

Source: Forex Analysis

USD/JPY

This is a bullish market, and price is supposed to go further and further upwards (it has gained 150 pips so far this week), and it may reach the supply levels at 111.00 and 111.50, possibly going further than that.

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The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is currently a Bullish Confirmation Pattern in the market, which has become stronger as a result of the surge in the bullish movement. For this rally to be sustained, there is a need for continuous buying pressure in the market.

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