USDJPY looks bearish both in the long-term and medium-term outlooks and may decline further.
Sellers may take their desired position in the key areas.
USDJPY Weekly Price Analysis – March 15
The market price of USDJPY may decline further as the selling pressure has just begun. In case the bears’ pressure breaks down the support level of $140.97, the price may decline further to a $140.00 lower support level. Hence, a sell signal.
USDJPY Market
Key Levels:
Resistance levels: $148.00, $149.00, $150.00
Support levels: $138.00, $137.00, $136.00
USDJPY Long-term Trend: Bearish
The USDJPY pair is trading below the supply levels and may decline further to the lower support level soon in its long-term outlook. 
The bears caused a drop in the market value of the Yen to the $146.48 low value in the past few days; this has made it possible for the pair to decline further below the supply levels in its recent low.
This however gives the bears more strength to continue the downward move below the supply levels as the daily chart opens today at the $147.23 support level.
The market action of USDJPY is down at the $147.23 support level which is below the EMA-50 at the time of writing this article. This suggests that the bulls are getting weaker as sellers are set to dominate the market at the moment.
With sustained selling pressure, the Yen price could further decline and challenge another support zone of $140.00 below the moving average line, indicating sellers’ attempt to prolong the bearish rally.
The stochastic oscillator signal pointing down suggests there may likely be further decline in the price of USDJPY and in this case, the $140.00 lower support level might be a target before the bulls take over in the long term.
Therefore, sellers may take their desired position now before buyers begin to step in.
USDJPY Medium-term Trend: Bearish
The USDJPY pair also indicates that the price may decline further to the lower support level in its medium-term perspective. The Yen price is making lower lows and lower highs below the resistance levels which confirms its bearish momentum.
The sustained bearish pressure to the $147.61 low level in the previous action has led to the pair’s recent low and may decline further.
At the time of writing this article, the market price of USDJPY dropped down to $147.46 support value as the bears remained dominant in the market. The journey down south continued as the price further declined to the $147.26 support level.
The price action is now down initially at $147.26 support level which is below the moving averages, this is an indication that the momentum in price of the Yen is in a downward trend.
The signal of the daily stochastic suggests a downward trend at around level 61% in the overbought region. This suggests the overall outlook shows downward momentum and may likely remain in a bearish movement in the near days in the medium term.
Hence, sellers may place their orders at key areas before the bulls take over.
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