USDJPY: Price is Negotiating the $150.00 Upper Resistance Level

The currency pair still trades in a bullish market zone.
Buyers remain dominant in the market at the moment.

USDJPY Weekly Price Analysis – July 21
USDJPY price is negotiating the upper resistance level as the coin is currently recovering and also remains firm above the supply levels. The Yen might remain in that direction if the bulls could add more efforts to their buying motives and the price closes above the $147.86 supply level, the currency pair might further extend to a $150.00 upper resistance level and beyond.

USDJPY Market
Key Levels:
Resistance levels: $140.000, $141.000, $142.000
Support levels: $130.000, $129.000, $128.000

USDJPY Long-term Trend: Bearish (Daily Chart)
The currency pair trades in a bearish trend zone in its long-term view. Further, the price is trading in green slightly below the two EMAs; it means that it’s in a bearish market zone at the moment.

The sustained bearish pressure in the past few days has made the price of USDJPY remain below the supply trend levels in recent times.

The market is presently seen progressing upward and facing the upper resistance at the recent high. Buyers are confident about gaining higher levels and this confirms their high impact in the market at present.

Commitment from the bulls pushed the Yen price up to the $139.99 supply value below the two EMAs which are glued together as the daily chart opens today, which indicates an intraday growth and more gains for buyers.

Therefore, if the bulls should increase their tension in the market, the price tendency will move above the key levels to retest the previous high of $147.86 level.

Next, the underlying sentiment suggests an uptrend continuation in the coming days as indicated by the daily stochastic.

It is expected of buyers to push the price of USDJPY further up to a significant level and in this case, the target might be the$150.00 upper resistance level in the days ahead in its higher time frame.

USDJPY Medium-term Trend: Bullish (4H Chart)
USDJPY is showing a more bullish impact in its medium-term outlook. The bulls are having the market at their disposal at the moment. However, a high retest to the breached $139.19 supply suggests strength in bullish momentum.

The pair has been making higher highs and higher lows in the previous actions; this has made it possible for the price to maintain an uptrend in its recent price level.

The bulls made an aggressive move up to the $139.98 resistance level above the two EMAs shortly after the 4-hourly chart opened today. This however makes it capable for the coin to rise further.

Hence, the USDJPY price sustainability above the previous swing high at the $144.92 level could fuel the next upswing to the upper resistance zone.

In a like manner, the daily signal indicates an uptrend, thus trading above the moving average levels will also enable the market value of USDJPY to keep pushing up. Therefore, if the bulls should add more aggression to their activities in the market; the $150.00 upper resistance level might be reached in the coming days in its medium-term time frame.

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