USDJPY makes a buy trade set up with a bullish posture in both outlooks.
Buyers remain dominant in the market.
USDJPY Weekly Price Analysis – June 28
The USDJPY market is positive today. The pair makes a buy trade set up at the current supply of $160.82 and creates a strong supply zone for buyers. If the Yen price could sustain above the current supply trend line at the $160.82 level, the price may trigger up to the overhead resistance mark at the $170.00 level, thus a clear buy signal.
USDJPY Market
Key Levels:
Resistance levels: $140.00, $150.00, $160.00
Support levels: $135.00, $134.00, $133.00
USDJPY Long-term Trend: Bullish (Daily Chart)
The USDJPY price is losing bearish momentum as it makes a buy trade set up in the long-term perspective. The coin price trades at the upper resistance area above the moving average and makes a buy trade set-up, indicating a bullish trend.
The bulls caused a rise to the $159.75 supply level above the moving averages during yesterday’s session and sustained it. This has made it easier for the coin to remain in an uptrend and makes a buy trade set up in its recent price level.
Today’s daily bullish candle which rose and made a buy trade set up at the $160.82 resistance mark above the moving average line confirms the bulls’ dominance in the market.
Hence, an upside breakout above the current level with a daily candle closing will offer buyers a solid foothold to push the USDJPY price higher.
Further, the Yen price may remain bullish and continue to make a buy trade setup as suggested by the daily stochastic which is pointing upwards. In light of this, the Yen price may reach the $170.00 upper resistance trend mark soon in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The USDJPY pair also made a buy trade set-up in the medium-term time frame. The currency pair is now strongly trading above the moving average line with huge volumes from the bulls. Thus, the recent market structure has favored the bulls. 
The pair has been having a series of higher highs and higher lows, which made it possible for the price to remain stronger in a buy trade set up in its recent high.
Today, the bullish momentum continues and caused the USDJPY price which makes a buy trade set-up to rise to a high above the moving averages at the $160.84 level. This current trend will allow the price to remain in the positive territory and rise or break out further to the upper channel to signal a buy to the long-term traders.
Additionally, the price of USDJPY pointing upwards on the daily stochastic means that further upside is certain. It is therefore expected that the buy investors will move the price action up and may likely hit the $170.00 upper resistance level soon as the price suggests a buy trade set up also in its medium-term perspective.
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