FX.co ★ Daily analysis of USD/JPY for April 3, 2018

USD/JPY

This pair made a slight bearish movement on April 2. There is still a weak Bullish Confirmation Pattern in the market, at least on a short-term basis.The further bearish movement would result in a confirmation of the recent bearish bias, while a movement to the upside will bring about a bullish bias on the market.

This month, there will be great volatility on JPY pairs, which would most probably favor bears. The supply level at 107.00 has thus become a major barrier for any bullish effort, as price goes downwards towards the demand levels at 106.00, 105.50 and 105.00.