USD/JPY has moved nicely in a gradual downward trend and it seems that the current dip has reached its target and sooner or later it will be looking to take some reasonable retrace. USD/JPY seemed to be targeting 76.30 level which it touched once and now it is looking to take a retrace towards 78.50 level initially and an extended retrace will be targeted towards 79.75 level. Mostly aggressive traders will be looking to buy USD/JPY for targets around 78.50 and the long term and conservative traders will be looking to sell USD/JPY around 78.50 after it will complete its retracement and in case USD/JPY extends its upward move, USD/JPY will target 79.75 level.
Looking at the moving averages in daily charts, the two key levels can be seen around 78.50 and 79.75 levels which also suggests the importance of those levels and mostly traders will look to enter around those levels for a decent downward trade.
The other factor which is to be noted here is the RSI which below 25 and is very low in daily charts. It will push USD/JPY upwards and thus will oppose the current downward trend. This is the indicator that the long term traders will be keeping in mind while looking to buy USD/JPY
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