Daily analysis of USD/JPY for April 20, 2018

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USD/JPY

This currency trading instrument is now trying to end the recent consolidation on it. Price has already moved above the demand level at 107.50, and it may go towards the additional supply levels at 108.00 and 108.50. The demand levels at 106.50 and 106.00 would do a good job to check possible bearish pullbacks along the way.

The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is also a Bullish Confirmation Pattern in the market. Most likely, the price would be able to go above the supply level at 108.00, even reaching other supply levels at 108.50 and 109.00.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Daily analysis of USD/JPY for April 20, 2018

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