USDJPY Moving Around Important Levels

USDJPY is currently in a very important zone and a break form here could mean the start of a long term and extended move. If we consider the short or medium term trend, then 84.40 level seems to be providing a very good selling level for a move below 83.00 level but that option seems only feasible for short term and aggressive traders only.

In the long term, USDJPY seems to have completed its retracement towards 83.50 level and now it is heading back towards 84.40 level and once USDJPY manages to break above that level, the next level to target will be 85.40 and break of 85.40 will set up 86.35 as next target.

On the lower side, the dip below 83.50 level will setup 82.85 as next support and if USDJPY manages to break below 82.85 level then next level it will be testing will be 82.00 level.

The RSI is also around 55 and seems to have more than enough space to allow USDJPY to make an extended move in either direction. At the moment it seems that RSI will not play any part in predicting the direction of the market as it will support the move in both directions.

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