The currency pair is preparing for the next upward rally.
Sellers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – August 2
Today, the USDJPY is bearish. Meanwhile, the pair is preparing for the next uptrend as the current selling pressure is winding off gradually and will soon end. The price may soar higher and break up the $161.95 high mark if the bulls could add more aggression to their buying actions in the market. The target might be the $165.00 upper resistance value, suggesting a buy signal for the long traders.
USDJPY Market
Key Levels:
Resistance levels: $145.00, $150.00, $155.00
Support levels: $130.00, $129.00, $128.00
USDJPY Long-term Trend: Bearish (Daily Chart)
The USDJPY might be preparing for the next uptrend as the selling pressure seems to be ending soon in its long-term view. The pair is down below the supply levels, indicating a bearish trend. The sustained bearish pressure on the currency pair to a $149.60 low value during yesterday’s session has sustained the Yen price below the supply trend levels in its recent low. 
The USDJPY price on the daily chart today opens with a bearish candle at the $148.50 support level below the resistance level, indicating a bearish momentum.
However, the Yen price could be triggered by the bulls if they add more aggression to their buying forces, and the $ 161.95 might be retested soon.
In addition, the daily stochastic indicates an upward trend in the oversold region. It means that the selling pressure is uncertain again.
Hence, the USDJPY price may encounter a change in trend and reverse from the $148.50 supply level to break up the $161.95 high value, which might further extend the USDJPY price to reach the $165.00 upper resistance mark soon in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair is preparing for the next uptrend as a new correction pattern could be seen below the supply levels in its medium-term outlook. The USDJPY price bar is below the moving average, indicating a bearish trend.
The intervention from the bears at the $149.34 low mark in the previous action has made the Yen price stay below the supply trend line in its recent price level.
The market value of USDJPY jumps to the $150.33 high level as a pullback below the EMA-50 shortly after the commencement of the 4-hourly chart today, indicating that the bulls are preparing for the next uptrend and positive sentiment is returning to the market soon. Thus, buyers must add more pressure to their activities to move the market beyond the current price level.
In addition, the USDJPY market indicates more upside possibilities, as shown by the daily stochastic pointing upwards. Hence, the pair may likely grow to retest the $161.75 resistance level and extend to the $165.00 upper resistance point in the days ahead in its medium-term time frame.
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