USD/JPY seems to be setting itself for an extended downward move and as a matter of fact, has also moved nicely in a downwards trend. Currently traders will focus on selling USD/JPY on rise to retracement of current dip and the first entry level can be seen around 81.40 level and once traders enter around that market, they will look to target profit levels initially around 80.50 level and break below that will set 79.50 as next target level. On the upper side, the break above 81.40 will set 82.90 as next entry level and most of the traders might look to reverse their entries once the market breaks above that level.
Looking at the moving averages used in daily charts, they all seems to combine around 81.40 level and this level is currently above the current market level. This means that the traders should target downward trend as being indicate and look to enter around 81.40 level. In case the market breaks above 81.40, the traders might consider reversing or stopping out on their entries. The RSI is just below 43 in daily charts and seems to have more than enough space for USD/JPY to take an extended dip below 80.00 level.
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