The currency pair could see another bullish correction soon.
Sellers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – July 19
The USDJPY pair could see another bullish correction soon if the bulls should push harder and exchange hands with the bears at the $156.09 current support. The price may likely reverse in a bullish direction and perhaps retest the previous high of $161.95, exposing the Yen price to the $170.00 upper high level and beyond, creating a high accumulation for buyers.
USDJPY Market
Key Levels:
Resistance levels: $156.00, $157.00, $158.00
Support levels: $146.00, $143.00, $142.00
USDJPY Long-term Trend: Bearish (Daily Chart)
The USDJPY market is having a bearish posture today. However, the Yen price could see another bullish correction soon as the selling pressure is about to end. The high momentum by the sell traders is the cause of this. 
The sustained pressure from the bears at the $157.15 support level in the last few days has contributed to its bearishness in its recent low.
Today, the bears dropped the USDJPY price to a $156.09 support level below the moving averages, indicating a bearish momentum in the context of the strength of the Yen. The bears are dictating the market conditions at present.
Hence, should the bulls put additional efforts into their buying motives, the price of USDJPY could see another bullish correction to retest the previous high of $161.95, resulting in a buy potential.
Further, USDJPY is about to reverse and could see another bullish correction soon as the market is now trading in the oversold region around the 3% range of the daily stochastic; it means that the selling pressure will end shortly.
This will compel the buy traders to resume the bullish correction and may likely break up the $161.95 supply level to hit the $170.00 upper resistance in the days ahead in its higher time frame. Hence, buyers need to wait for this action to take place before placing an order.
USDJPY Medium-term Trend: Bearish (4H Chart)
According to the chart below, the medium-term outlook for the USDJPY market is in a bearish trend zone. Nevertheless, the pair could see another bullish correction soon as the selling pressure seems to have been exhausted.
The bearish candle at the $156.21 low value during the previous action reduced the USDJPY price below the supply levels in its recent low.
The price action drops significantly to the $156.16 support level as the 4-hourly chart opens today. This signifies a downtrend and an opportunity for the sell traders.
Meanwhile, the USDJPY might finish the downward correction and see another bullish correction soon as the market is already oversold. If this is achieved by the long-term investors, the recovery rally may reach the $170.00 upper high value in the coming days in its medium-term perspective.
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