The currency pair is still a good buy at the current supply level of $156.47.
Buyers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – May 24
At the moment the USDJPY pair remains on the positive side and still a good buy at the $156.47 current supply level. If the bulls can add additional efforts to their buying pressure and the Yen price could sustain above the pattern supply trend line at the $158.43 level, the pair may trigger up to the overhead resistance mark at the $160.00 level, thus a clear buy signal for the buy investors.
USDJPY Market
Key Levels:
Resistance levels: $154.00, $155.00, $156.00
Support levels: $142.00, $141.00, $140.00
USDJPY Long-term Trend: Bullish (Daily Chart)
USDJPY is positive again today. The pair is still a good buy at the current supply level and remains bullish in the long-term outlook. The price currently trades above the EMA which confirms its bullishness. 
The sustained bullish pressure in the last few days at the $156.30 supply value has made the Yen price remain above the supply trend levels and still a good buy in its recent high price.
Today’s daily bullish candle at the $156.47 high mark above the moving averages confirms the bulls’ dominance in the market. This indicates a good buy for the long-term traders.
However, there are bullish signals above the level of $156.41 which indicates a possible further increase in the market value.
Further, the USDJPY price indicates an upward momentum on the daily signal, this implies that the pair will continue to increase to the upsides and this may get to the $160.00 upper resistance trend mark soon as the pair suggests a good buy in its long-term outlook.
USDJPY Medium-term Trend: Bullish (4H Chart)
The currency pair’s orientation trades in a bullish market and is still a good buy in its medium-term outlook. The price bars are seen above the moving average, which indicates its bullishness. 
The intervention from the bulls at the $156.13 supply value in the previous action has made the price of USDJPY stay above the supply trend line and remain a good buy in its recent price level.
The journey up north continues as the bulls caused a rise again to the price of USDJPY to the $156.47 resistance value above the moving averages as the 4-hourly chart opens today. This suggests a good buy and indicates more active buy traders in the price flow.
Therefore, if the bulls increase their tension in the market, the price tendency will rise above the key levels.
In addition to that, the Yen is pointing up on the daily stochastic; this implies the bulls may continue to dictate market direction. Hence, if the coin buyers manage to break above the $158.43 previous supply trend line, the market participants may witness a new recovery rally and this may likely reach the $160.00 high mark soon as the pair suggests good buy in its medium-term time frame. Hence, buyers may take a position as desired.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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