Daily analysis of USD/JPY for May 18, 2018


The USD/JPY continues going upwards. This is a bullish market, and the price is supposed to go further and further upwards (it has gained 155 pips so far this week), and it may reach the supply levels at 111.00 and 111.50, possibly going further than that.

Short trades are not recommended here until there is a clear bearish signal in the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is currently a Bullish Confirmation Pattern in the market, which has become stronger as a result of the surge in the bullish movement.

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