The currency pair still trades in a bullish market zone.
Sellers may likely resume dominating the USDJPY market soon.
USDJPY Weekly Price Analysis – June 16
At the moment the USDJPY remains in a positive side. The price may likely collapse and breakdown the $127.988 support value if the bears could add more aggression to their selling actions in the market. The target might be the $80.00 lower support value.
USDJPY Market
Key Levels:
Resistance levels: $140.000, $141.000, $142.000
Support levels: $128.000, $127.000, $126.000
USDJPY Long-term Trend: Bullish (Daily Chart)
The currency pair trades in a bullish trend zone in its long-term view. The sustained bullish pressure on the currency pair in the past few days has sustained the Yen price above the supply trend levels in its recent high.
The USDJPY price on the daily chart today is currently facing the support and trading at the $139.937 low level above the two EMAs. This is an indication of an uptrend. It also suggests that the bears are warming up to take over the trend as the trading session continues.
Hence, a strong break down below the $127.454 support point would strengthen the bearish pressure.
In addition to this, the daily stochastic indicates a downward trend, this means that the short traders may likely continue with the bearish correction pattern to further break down the current support value which might further extend the USDJPY price to reach the $80.000 lower support mark in the days ahead in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair’s orientation trades in a bullish market in its medium-term outlook. The price bars are seen above the moving averages. 
The intervention from the bulls at the $140.307 supply value in the previous action has made the price of USDJPY stay above the supply trend line in its recent times.
The market value of USDJPY dropped down to the $140.030 low level above the two EMAs shortly after the commencement of the 4-hourly chart today, indicating that negative sentiment is returning to the market. Thus, sellers need to add more pressure to their activities to move the market beyond the current price level.
In addition, the market value of USDJPY is pointing downwards around level 75% of the daily stochastic. This will compel the sell traders to cluster round the market and drop the price further. The price of USDJPY may likely drop to a $80.000 lower support value in the coming days in its medium-term outlook as we watch sellers taking over soon.
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