USDJPY: Price Still Trades in an Uptrend

USDJPY is facing more pressure from the bulls.
Overall market sentiment regarding the currency pair remains bullish.

USDJPY Weekly Price Analysis – June 30
The USDJPY pair is currently running a bullish race as the Yen is facing high pressure from the bulls. USDJPY price still trades in an uptrend. Conversely, if the market prices sustain above the level of $144.195, the bulls’ trend would continue upward and possibly hit the $150.000 upper high level.

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 above, upward pressure still dominates the higher time frame. The price bars are trading above the supply trend levels, indicating a strong bullish trend.

The bulls’ increased momentum pushed the price of USDJPY up to $144.176 during yesterday’s session and sustained it, this made it possible for the pair to maintain its upside move in its recent high.

The bullish momentum continues today as buyers move the market price of the pair from there up to the $144.195 resistance level as the daily chat opens today. This is an indication of more bullish impacts on the currency pair.

A bullish breakout from the current resistance will trigger the recovery pattern and drive the prices of USDJPY higher to hit the previous high of $144.176 supply value.

Also, USDJPY is showing more upside possibilities; therefore we can certainly expect more strength from the Yen and this may likely get to a $150.000 supply mark 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.

The bullish pressure at the $144.176 resistance level in the past action has made the Yen price stay above the supply trend levels in its recent times.

Despite the interaction from the bears, the bulls successfully pushed the Yen price up to the $144.195 high mark above the resistance trend lines as the journey up north continues shortly after the 4-hourly chart opens today.

This indicates that the bulls remain dominant and are having the market price at their disposal at the moment. Further increase in the buying pressure will lead the price of USDJPY above the supply key levels.

Hence, a bullish impact by the buy investors toward the higher side is likely as indicated by the daily stochastic pointing in an upward direction.

The bulls could therefore aim at the psychological level of $150.000 upper resistance value in the days ahead as the USDJPY remains firm above the supply levels in its medium-term perspective.

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