FX.co ★ Daily analysis of USD/JPY for May 1, 2018

USD/JPY

There is the Bullish Confirmation pattern on the USD/JPY 4-hour chart. The price traded in a range at the end of last week, and also traded sideways on Monday (all in the context of an uptrend). The supply level at 109.50 has been tested and it could be re-tested again. It could even be briefly breached to the upside before the trend reverses.

Owing to the current bullish efforts in the market, the price could go further upwards. However, it would be temporary because the outlook on JPY pairs is bearish for this week and for the month of May.