FX.co ★ Daily analysis of USD/JPY for March 6, 2018

USD/JPY

The USD/JPY did nothing significant on Monday and it is trying to go upwards right now. Price is currently below the supply level at 106.50 and the demand level at 105.50. Price might oscillate between the supply and demand levels and then breach either of them as a directional movement resumes.

There is currently a Bearish Confirmation Pattern in the 4-hour chart, which pinpoints further southwards movement. On the other hand, a strong reversal could occur, which would result in a threat to the current bearish bias.