Daily analysis of USD/JPY for May 10, 2018

USD/JPY

A rise in the bullish momentum was witnessed. This has given credence to the recent bullishness in the market, which gives credence to the recent bullish bias on the market. The supply level at 110.00 has already been tested and it would be breached to the upside, as another supply level at 110.50 is targeted.

Some fundamental figures are expected today and they will have impact on the market. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is a Bullish Confirmation Pattern in the market.The material has been provided by InstaForex Company - www.instaforex.com