USD/JPY is moving in a nice classic and smooth downwards trend and it is very opportunistic for short term and Intra-day traders. Basically looking at the current situation, traders will wait for USD/JPY to take some retrace and then sell it on some good retracement levels. One such good level can be seen around 77.00 level and mostly traders will be looking to sell USD/JPY around that level for initial targets around 76.00 level and if USD/JPY manages to break below that level, then the USD/JPY will really setup things for an extended dip. On the upper side, if the retracement is extended by USD/JPY above 77.00 level, then the next target level to enter the market will be around 77.85 level.
Looking at the moving averages used in daily charts, USD/JPY just has managed to break below the medium term moving average and now it is below all the three moving averages and seems to indicate the start of an extended downward trend. The RSI in daily charts is at 44 and seems to have more than enough space for USD/JPY to challenge 76.00 strongly and break towards 75.00 and below levels. Overall the trend is good for selling and all traders will be mostly focus on selling USD/JPY.
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