Daily analysis of USD/JPY for February 26, 2018

USD/JPY

The market was bearish in the long-term. A rally
happened last week from Monday to Wednesday, but it was checked by the bearish
correction that took place on Thursday and Friday. There are support levels at
106.50, 106.00 and ultimately at 105.50. Those support levels would impede
bearish movements and they would eventually help bring about a bullish
reversal, which is expected to take place before the end of this week.

Should the bullish bias occur, the market would be
able to gain at least, 150 pips this week, going towards the supply levels at
107.00, 107.50 and 108.00. These supply levels may even be exceeded, for they
are initial targets.

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

Source:: Daily analysis of USD/JPY for February 26, 2018