USD/JPY is looking to take the long term retracement and is currently looking to target 78.40 level. Once the USD/JPY touches that points, it seems that its long term retracement will be completed and it will be all set to test 77.00 level and in case manages to break that level will look to target 76.00 level. Currently long term traders will be mainly looking to sell USD/JPY around 78.25 level and in case the USD/JPY extends its retracement above 78.40 level, the next level to be considered will be around 80.00 which also is the top of the long term downwards channel.
Looking at the moving averages used in the daily charts, the USD/JPY is currently above the medium and short term moving average while it is below the long term moving average, indicating that in long term, the trend is still in the downward trend unlike medium and short term. The other thing that the moving averages are indicating that the USD/JPY will look to touch the long term moving average which seems to be likely around 78.25 level which again confirms that important of that level in the long trend. RSI is at 50 in daily charts and will play no role in current market trend.
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