FX.co ★ Daily analysis of USD/JPY for April 30, 2018

USD/JPY

The USD/JPY sentiment is bullish. The price started rallying last month, and it rallied considerably last week. The bias on the market has thus turned completely bullish as the price neared the supply level at 109.50, and it is now close to the demand level at 109.00. However, the price may not be able to go upwards again because there is a very strong bearish outlook on JPY pairs for this week and for May 2018.

Long positions should be liquidated because bulls will suffer seriously in May. Further downward movements would result in the Bearish Confirmation Pattern in the market.