USD/JPY ready for a dip

USD/JPY is moving in a nice downwards gradual trend and is currently providing the Intra-day Traders some very good entry levels. Currently the aggressive and Intra-day traders will be looking to sell USD/JPY around 76.25 level for a tight target around 75.50 level. Although this trade seems very small in terms of range but looking at it from another angle, there is no much risk involved in this trade and this might suited for traders looking to trade in very short range. On the upper side, if USD/JPY manages to break above the 76.25 level then the next selling level can be seen around 76.90 level and if USD/JPY manages to break above that, then we might be looking at some extended upwards move by USD/JPY and only after that the long term traders will start getting interested in this currency pair.

Looking at the moving averages used in daily charts, it can be seen that USD/JPY is below all three of them and the short term moving average is around 76.25 level which is indicating the first entry point and the long term and medium term moving averages are combined together around 76.80 level which indicates the second entry point. Once the USD/JPY manages to break above 77.00 level, it will then above all moving averages and will get into an upward trend in all time frames.


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