FX.co ★ Daily analysis of USD/JPY for March 7, 2018

USD/JPY

The USD/JPY tried to rally on Monday, but there was a forceful pullback on Tuesday, which lays more emphasis on the extant bearishness in the market. The demand level at 105.50 has been tested, and it would be tested again, breached to the downside, as price goes towards another demand level at 105.00.

The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. There is currently a Bearish Confirmation Pattern in the 4-hour chart, which pinpoints further southwards movement.