USD/JPY, as predicted, has taken the expected retrace and seems to be getting back in the downward trend. 79.75 levels seems to be the targeted level and after touching it USD/JPY seems to have gotten back into the downwards trend. Now traders will be hoping to sell USD/JPY on rise to 79.00 level and will look to initially target 77.50 level and break of that will set 75.30 as next target.
Looking at the different moving averages used in the daily charts, USD/JPY has broken below the both short term and long term moving average and short term moving average is currently around 77.50 level and once USD/JPY manages to break below 77.50 level, then it will be below the short term moving average as well and will look to target 75.30 level once again.
The RSI is just around 47 level in daily charts and looking at it, it seems to support movement in both direction but since we are focusing on USD/JPY in downward trend therefore we can suggest that the RSI has more than enough space to make towards the 75.30 level. It was on the lower side but the last retracement towards 79.75 level has really opened up the RSI and enough space to make a move downwards.
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