USDJPY is facing more pressure from the bears.
Overall market sentiment regarding the currency pair remains bearish.
USDJPY Weekly Price Analysis – January 27
The USDJPY may likely continue its bearish movement if the daily candle closed below the $126.361 level, the support levels of $126.221 and $126.021 may be the target.
USDJPY Market
Key Levels:
Resistance levels: $136.000, $137.000, $138.000
Support levels: $130.000, $129.000, $128.000
USDJPY Long-term Trend: Bearish
Analyzing the daily chart above, we can clearly see USDJPY trading below the two moving averages, this means that the momentum is in a bearish market zone in its long-term outlook.
The bears made a drop to the $129.725 support level before the end of yesterday’s session and sustained it. This has made the momentum in the price of the Yen remain in a downward trend.
The bears continue with the journey down south and dropped the currency pair down to the $129.511 low level below the supply trend levels as the daily chart opens today.
Impulse move from the sell traders further dropped the market value of the USDJPY down to a $129.260 low level below the moving averages; this suggests a downward momentum in the price of USDJPY at the present. The price bars which are below the moving averages make it capable of falling to the downside.
Additional efforts by the short traders could further drop the price of the Yen downsides to retest the $126.361 support level.
However, continuation to the downside is likely as the stochastic indicator also shows the price of the pair pointing downwards, we, therefore, expect sellers to continue the bearish trend in the coming days and the $126.021 support value might be reached soon in its long-term perspective.
USDJPY Medium-term Trend: Bearish
USDJPY continues in a downtrend market in its medium-term outlook. The pair’s market price is dropping as we can see from the chart below. The sustained bearish pressure dropped the pair further down to the $129.023 support level during yesterday’s session. 
The bears moved the price of the Yen down to the $129.414 support level below the moving averages shortly after the 4-hourly chart opens today as the bears continue to dictate the market.
Thus, should the bears increase their pressure and the further bullish trend is hindered, the selling pressure might possibly extend to the currency pair price to a low at the $126.021 value.
In a like manner, the stochastic oscillator pointing down at around level 25%, as a result of this, the currency pair might possibly hit the $126.021 support level in the days ahead in its medium-term perspective.
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