USD/JPY
The market is expected to go downwards. The trading instrument is bearish in the long-term, and bullish in the short-term. There is a Bullish Confirmation Pattern in the market, at least on a short-term basis. The price rose 220 pips last week, to test the supply level at 107.00, and then retraced below the supply level at 106.50.
The supply level at 107.00 has thus become a major barrier for any bullish effort, as the price goes downwards towards the demand levels at 106.00, 105.50, and 105.00. The outlook on the JPY pairs is bearish for this week, and for this month, which means that long trades are not recommended (except in a very short-term context). There will be great volatility on the JPY pairs, which would most probably favor bears.
The material has been provided by InstaForex Company - www.instaforex.com
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