The USDJPY rises above the resistance levels and trades in a bullish market zone.
Buyers remain dominant and may take positions as desired.
USDJPY Weekly Price Analysis – November 8
Currently, the USDJPY pair witnesses a surge as it rises above the resistance levels and remains stable on the positive side. Should the bulls’ pressure break up the resistance level of $161.95, the Yen price may increase further to a $170.00 high trend line, offering a good entry point for long-term traders.
USDJPY Market
Key Levels:
Resistance levels: $152.00, $153.00, $154.00
Support levels: $140.00, $139.00, $138.00
USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY pair rises above the resistance levels and remains bullish due to high turnover from the bulls 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 resistance trend levels in its recent high.
The USDJPY price on the daily chart today is currently trading at the $154.37 high above the resistance trend levels, an indication of an uptrend. Hence, a strong break above the $161.95 supply point would strengthen the bullish pressure and remain stable at the overhead resistance.
In addition, the daily stochastic indicates an upward trend, implying that the USDJPY might continue to rise above the resistance levels to further break up the all-time high of $161.95 and further extend the Yen price to reach the $170.00 upper resistance mark in the days ahead in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair’s orientation trades and rises above resistance trend levels in its medium-term outlook. The price bars are above the moving averages, indicating a bullish momentum. 
The intervention from the bulls at the $153.11 supply value in the previous action has made the price of USDJPY rise above the resistance levels in its recent hike.
The market value of USDJPY rose above the resistance levels at $154.37 shortly after the commencement of the 4-hourly chart today, indicating that the bulls are buying at this level, and a positive sentiment is returning to the market. Thus, buyers must add more pressure to their activities to move the market beyond the current price level.
In addition, the market value of USDJPY pointing up on the daily stochastic suggests that the USDJPY price might remain above the resistance trend levels and continue.
As a result, the Yen price could increase further to hit the $170.00 upper resistance levels in the coming days as the price remains above the resistance trend levels in its medium-term outlook. Hence, buyers may take their position as desired.
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