USD/JPY is looking to set itself up for a nice upward move and currently traders will be looking to buy USD/JPY for something around 77.50 level and the initial targets can be seen something around 78.20 level and once USD/JPY manages to break that level, then the next target can be seen around 79.55 level. On the lower side, if USD/JPY decides to extend the dip below 77.50 level then the next target level can be seen around 76.80 level.
Looking at the moving averages in the weekly charts, it can be seen that the USD/JPY is currently below the long term moving average but is above the medium and short term moving averages. The market is enclosed between these two level. The entry level can be seen around 77.50 where short term and medium term moving averages are crossing each other and will then look to target long term moving average which is around 80.00 level. Looking at the moving averages in the daily charts it can be seen that USD/JPY is above all the three moving averages and is currently looking to touch medium term moving average around 77.50 level and then will look to resume its upward trend.
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