FX.co ★ Daily analysis of USD/JPY for May 22, 2018

USD/JPY

The market got corrected lower on Monday, in the context of an uptrend. The correction may be an opportunity to enter the market at better prices, for price could still go further upwards, thus saving the extant bullishness in the market. Only a large pullback could threaten the current bias on the market.

There is a Bullish Confirmation Pattern in the market, which makes short trades not yet advisable, unless the bias on the market turns bearish. This week, there is a high probability that the market would continue going upwards, reaching the supply levels at 111.00, 111.50 and 112.00.