USD/JPY seems to be moving nicely in its downward trend and currently a very good selling level can be seen around 77.00 level and intra-day and short term traders will be really looking to sell USD/JPY around that level for a trade along with the long term trend and might hope that the move is an extended one. The initial targets for the traders can be seen around 76.30 level and break of that can open targets around 75.00 level. On the upper side break above 77.00 level will take the retracement towards 77.75 level and that will open up opportunities for long term and advance traders looking to average out trades.
Looking at the moving averages used in the daily charts, as soon as USD/JPY will approach 77.00 level, it will be touching its short term moving average and the medium term moving average is currently around 77.75 level which again is the same level expected if USD/JPY takes extended retracement.
The RSI in daily charts is on the lower side and it seems that we should not expect USD/JPY to take too much of dip and will be pushed up from 76.30 level therefore that traders will mainly focus on utilizing small profit targets.
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