USD/JPY is really getting into a good momentum in the downward trend and the aggressive traders will be looking to sell it around 77.30 level for a decent trade. The intra-day and moderate traders might look to sell it somewhere around 77.70 level and if the retracement is really extended, then the next level can be seen around 78.20 level. In case USD/JPY manages to break above 78.20 level, then it will indicate the reversal of the trend and in that case the traders will look to reverse their entries. On the lower side, the traders will be looking to target 76.80 level and break below that don’t seems to be feasible unless USD/JPY takes some retrace or trade sideways for some time.
Looking at the moving averages used in the daily charts, it can be seen that USD/JPY is comfortably below all the three moving averages and thus the downward trend is quite obvious in all time frames. All the three lines seems to cross each other around 77.70 level and it is fair to suggest that this level holds the key entry point and in case the USD/JPY manages to break above that level, there will be reversal of trend.
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