FX.co ★ Daily analysis of USD/JPY for June 5, 2018

USD/JPY

The market attempted to resume its bullish journey on June 4. Since testing the demand level at 108.50, price has bounced upwards by 150 pips, and it is close to the supply level at 110.00. The short-term bearishness is still in place and it is supposed to override the long-term bullish bias on the market.

The long-term bullishness would soon be rendered invalid. This is because there is a very strong bearish outlook on JPY pairs this month, and so, USD/JPY would eventually become like other JPY pairs, which are already bearish. A continuation of the rally in the market would render this invalid.