Daily analysis of USD/JPY for March 12, 2018

USD/JPY

This is a weak market that cannot go seriously
upwards. The outlook on the USD/JPY pair remains bearish, but some bullish
effort was made last week. For instance, the price rose from the demand level at
105.50, to test the supply level at 107.00. This kind of price action can only
threaten the extant bearish bias when price gains additional 150 pips, from
here.

There is a slight Bearish Confirmation Pattern in
the market, which would become stronger as the market goes further downwards. There
are demand levels at 106.50, 106.00 and 105.50. Likewise, there are supply
levels at 107.00, 107.50 and 108.00.

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