USD/JPY
This pair has gained about 180 pips this week, and the price is now close to the supply level at 109.00. There is an ongoing sideways movement in the context of an uptrend; but that is supposed to end soon. The supply level would be breached to the upside as the price targets other supply levels at 110.00 and 110.50.
There is a Bullish Confirmation Pattern in the market, which is brought about by the recent rally. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level of 50. Since the outlook on the market is bullish, further bullish movement is anticipated, when the current consolidation ends.
The material has been provided by InstaForex Company - www.instaforex.com
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