Daily analysis of USD/JPY for March 5, 2018

2.png

USD/JPY

The USD/JPY moved sideways from Monday to Thursday and then began to come downwards (to place more emphasis on the bearishness of the market). Price has gone below the supply levels at 106.50, and 106.00; and it may test the demand levels at 105.50, breaching it to the downside as another demand level at 105.00 targeted.

There is currently a Bearish Confirmation Pattern in
the 4-hour chart, which pinpoints further southwards movement. On the other
hand, a strong reversal could occur, which would result in a threat to the
current bearish bias.

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

Source:: Daily analysis of USD/JPY for March 5, 2018

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*