USD/JPY is currently moving in a small range sideways trend and seems to be setting itself to break back into the long term downward trend. Currently traders will be looking to sell USD/JPY around 77.00 level and hope that it will extend its downwards move below 76.40 level and head towards 76.00 target. Although still the profit targets only seems to suit the Intra-day and short term traders and we might not see too many long term traders interested in USD/JPY at the moment due to lack of this volatility.
Looking at the moving averages used in both the daily and weekly charts, USD/JPY is below all the moving averages in both charts and thus the indication is there that USD/JPY is still holding the downward trend in all time frames at the moment. The medium term moving average in daily charts is just around 77.00 level at the moment and thus seems to suggest that this level is a good intra-day and medium term entry level. In case USD/JPY manages to break above 77.00 level, the next target can be seen around 78.45 level around which the long term moving average is present at the moment. RSI is around 41 in daily charts and seems to play no role in the moment at the moment.
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