USDJPY is facing more pressure from the bulls.
Overall market sentiment regarding the currency pair remains bullish.
USDJPY Weekly Price Analysis – May 19
USDJPY is facing an increase in buying pressure presenting a buying opportunity for traders. Should the bulls regroup and push higher, a further bullish breakout from the $136.682 value will accelerate the new correction phase. The $155.000 upper resistance mark and beyond might be the target.
USDJPY Market
Key Levels:
Resistance levels: $148.000, $149.000, $150.000
Support levels: $129.000, $128.000, $127.000
USDJPY Long-term Trend: Bullish (Daily Chart)
As we can see from the daily chart, the currency pair is in an upward move in its long-term outlook. The price bar can be seen above the resistance trend levels which confirmed its bullishness. Thus, the recent market structure has favored the bulls.
The bulls’ increased momentum in the past few days pushed the price of the USDJPY up to the $136.323 supply level. This has made it capable for the pair to remain firm in an uptrend in its recent high.
The bulls caused a rise to the $136.682 high level above the moving averages as the daily chart opens today. This indicates that the traders are actively buying at this level. Thus, it is very likely that the pair will continue rising as we are seeing a bullish correction in place at present.
Further, the USDJPY price is pointing upwards indicating an uptrend on the daily stochastic; it means that the buying pressure will continue. As a result of that, the bullish race might possibly reach the $155.000 resistance level in the coming days in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The USDJPY market price continues in an uptrend in its medium-term outlook. The pair’s market price is rising as we can see from the chart below. This is due to the high impact of long-term traders on the price flow. 
The sustained bullish pressure to the $136.139 resistance level in the past few hours has sustained the pair above the supply trend levels in its recent high.
The aggressive move by the bulls pushed the USDJPY price up to the $136.681 resistance value above the moving average lines as the 4-hourly chart opens today. Thus, the bullish correction at the mentioned supply value returns the buy investors to the market for the next increase race.
Hence, we have a bullish bias that the Yen price will rise further to the upside if the buying pressure should increase. Currently, the pair is making a correction, there may be a potential rise in the USDJPY price and this may possibly hit the $155.000 supply level in the coming days in its medium-term outlook.
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