USD/JPY Setting Up For A Nice Dip

USD/JPY seems to be setting itself for a nice move towards 79.55 level and the current movement by USD/JPY is pretty gradual and is giving traders, especially focusing on intra-day levels, to trade and exit at some very reasonable levels. The USD/JPY is taking reasonable retracements with every dip and one such level can be seen around 80.55 level and traders will be looking to sell around that level for a nice intra-day trade. If the retracement is extended above 80.55 level, then the next level for selling will be 81.30 and that is a good level to sell USD/JPY not just for intra-day trade but also for a long term trade as this level will be touching the top of the current downward channel and seems to present the best-selling level in the current scenario.

All the different moving averages used in these charts are pointing downwards showing the selling nature of USD/JPY. Also the 81.30 level is just around the current value of medium term market and short term moving average is currently around 80.60 level, so therefore, these two levels are also being suggested by the moving averages as well.

RSI is currently around 36 in daily charts and a little on the lower side but still seems to have more than enough space to make a decent sip towards 79.55 level and even break towards 78.80 level.

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