USDJPY holds a recovery opportunity with a bullish reversal pattern.
The bulls are still dominating the market at the moment.
USDJPY Weekly Price Analysis – August 18
The USDJPY pair reaches bearish exhaustion and holds a recovery opportunity with a bullish reversal pattern. If the bulls could increase their efforts in the market and break out from the immediate resistance of the $145.776 level, additional confirmation for bullish recovery will be registered, which could expose the Yen price to a $150.000 upper resistance value. Hence, a great opportunity and a clear buy signal for the long investors.
USDJPY Market
Key Levels:
Resistance levels: $130.00, $140.00, $150.00
Support levels: $125.00, $123.00, $121.00
USDJPY Long-term Trend: Bullish (Daily Chart)
The long-term market value of USDJPY is moving in a bullish direction. The pair is now strongly trading above the two EMAs approaching the overhead resistance with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.
During yesterday’s session, the pair reached and held the $145.102 resistance level. This has made it possible for the Yen to remain in an uptrend in its recent high.
Today’s daily bullish candle at the $145.776 supply value above the supply trend lines confirms the bulls’ dominance in the market. This breakup may possibly accelerate the bullish momentum and extend the ongoing correction to a higher level.
Additionally, the price of USDJPY might increase further as the market price has also reached bearish exhaustion as indicated by the daily signal pointing upwards. In light of this, the price might possibly bounce up to the $150.000 upper resistance level soon in its higher time frame.
USDJPY Medium-term Trend: Bullish (4H Chart)
The Yen is also displaying a bullish posture in its medium-term outlook. This is due to the high inflow from the long traders. 
The increase in the momentum by the long traders at a $145.478 high value during the previous session has enabled the USDJPY price to stay strong above the resistance lines in recent times.
The market price of USDJPY has just broken up the two EMAs at the $145.776 supply level as the 4-hourly chart opens today; this affirms the presence of more buyers in the market and also gives the currency pair a high tendency to rise further.
Similarly, the daily stochastic signals an uptrend, if the bulls could push harder and sustain the Yen price above the $145.867 previous high, the resulting rally may surpass the $145.900 level and hit the $150.000 psychological level at the upside in the day ahead in its medium-term perspective.
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