The USD/JPY pair is bullish in the long term, but neutral in the short term. In the last two weeks, price has generally oscillated between the demand level at 108.50 and the supply level at 110.50. As long as price continues to oscillate between those demand and supply levels, the short-term bias would be neutral.
Mixed signals will be witnessed on certain JPY pairs this week (and thus USD/JPY). A break above the supply level at 110.50 will result in confirmation of the existing long-term bullish outlook while a break below the demand level at 108.50 will result in a clean bearish outlook.
The material has been provided by InstaForex Company – www.instaforex.com
USD/JPY
The USD/JPY pair is bullish in the long term, but neutral in the short term. In the last two weeks, price has generally oscillated between the demand level at 108.50 and the supply level at 110.50. As long as price continues to oscillate between those demand and supply levels, the short-term bias would be neutral.
Mixed signals will be witnessed on certain JPY pairs this week (and thus USD/JPY). A break above the supply level at 110.50 will result in confirmation of the existing long-term bullish outlook while a break below the demand level at 108.50 will result in a clean bearish outlook.
The material has been provided by InstaForex Company – www.instaforex.com
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