USDJPY price remains firm above the supply levels.
The currency pair still trades in a bullish market zone.
USDJPY Weekly Price Analysis – July 5
At the moment, the USDJPY remains firm above the supply trend levels and looks good to buy for the long-term traders. Based on the outlook, if the bulls could add more strength to their buying forces, the currency pair might swing to the $170.00 upper resistance level, signaling the potential for a good buy.
USDJPY Market
Key Levels:
Resistance levels: $150.00, $155.00, $160.00
Support levels: $145.00, $144.00, $143.00
USDJPY Long-term Trend: Bullish (Daily Chart)
The currency pair looks good to buy and remains firm above the supply trend levels in its long-term view. The high bullish pressure on the USDJPY pair in the past few days has sustained the Yen price to remain firm above the supply trend levels in its recent high.
Despite the interaction from the bears, the USDJPY price remains firm at $161.95 supply levels above the moving average line as the journey up north continues shortly, after the daily chart opens today. It indicates that the bulls remain dominant and are having the market prices at their disposal.
Further increase in the buying pressure may lead the Yen price to a significant level at the upper resistance zone.
In addition to this, the daily stochastic indicates an upward trend, which means that the long traders may likely continue with the bullish correction pattern to further break up the current supply value at $161.95, extending the USDJPY price to reach the $170.00 upper resistance mark soon as the Yen price remains firm above the supply levels in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The USDJPY price remains firm above the supply levels and indicates a buy signal in its medium-term outlook. The price bars are seen above the moving averages, approaching the upper resistance area. 
The intervention from the bulls at the $161.41 supply value in the previous action has made the price of USDJPY stay above the supply trend line in its recent times.
At the press time, the market value of USDJPY rises to a $161.95 high value above the supply trend levels as the 4-hour chart opens today.
The pair looks promising as the bulls remain dominant in the market at the moment. If the bulls should increase their price action, and bullish momentum is sustained far above the current resistance trend line at the $161.95 high mark, further bearish sentiment will be hibernated.
Notably, the daily stochastic points up, it means that the bullish rally may continue. Hence, if the long traders manage to break above the $161.95 current supply trend line, the market participants may witness a new recovery rally, and this may likely reach the $170.00 upper high mark soon as the USDJPY pair remains firm above the supply trend levels in its medium-term perspective.
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