Daily analysis of USD/JPY for May 15, 2018

USD/JPY

The bias on the USD/JPY pair is bullish – and the trend is now in a strong position. The demand level at 110.00 has been breached to the upside, and price is now aiming at the demand level at 110.50.

The first target for the week has been breached (the demand level at 110.00). 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.