FX.co ★ Daily analysis of USD/JPY for April 16, 2018

USD/JPY

The USD/JPY pair is bearish in the long-term, and bullish in the short-term. There is a weak short-term bullishness owing to the fact that price made some effort to go upwards last week, gaining only 80 pips. Price managed to briefly breach the supply level at 107.50, but it could not close above it on Friday (it closed below it).

However, price would be able to go above the supply level at 107.50; even reaching other supply levels at 108.50, 109.00 and 109.50. This is owing to the Bullish Confirmation Pattern in the market.