FX.co ★ Daily analysis of USD/JPY for May 9, 2018

USD/JPY

After consolidating from the beginning of this week till yesterday, a rise in the bullish momentum was witnessed. This has given credence to the recent bullishness in the market. The supply level at 109.50 has already been tested and it would be breached to the upside, as another supply level at 110.00 is targeted.

The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is a Bullish Confirmation Pattern in the market, which is a sign of buyers' strength. However, the bullish effort might still be short-lived.