USD/JPY is moving in tight sideways trend and giving short term and intra-day traders some decent trades on regular basis. USD/JPY is looking to touch 77.00 level which seems to be acting a very strong resistance and around that level the traders will again looking to sell USD/JPY for Profit Targets around 76.50 level which can be further extended towards 76.30 level. Long term traders will selling USD/JPY around 77.00 level and hope that it will break into its long term downward trend and in that case will look to target 75.00 level but overall scenario of USD/JPY doesn’t seem to attract long term traders too much at this point. In case USD/JPY manages to break above 77.00 level, then it will look to extend it upward move primarily towards 77.85 level and then to 79.00 level.
Looking at the moving averages used in daily charts, they all seems to cross each other around 77.00 level at the moment and thus 77.00 level holds the long term trend’s key and as long as USD/JPY stays below that level, the long term selling trend is there and as soon as it breaks above 77.00 level, the upward trend will come into consideration.
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