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USD/JPY still aiming for break-out

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by
Casey Stubbs
on 10-19-2011 at 07:41 PM (653 Views)
USD/JPY is moving a tight sideways trend which is giving short term traders some good traders but still USD/JPY is looking to break into a long term dip. The long term trader might not be focusing too much at USD/JPY at the moment but still there might be some looking to sell USD/JPY around some reasonable levels and hope it will resume its long term downwards trend sooner or later. Currently one level can be seen around 77.00 level and above that we can see 77.45 as the next potential level to sell USD/JPY for a dip towards 76.00 level. But in current scenario USD/JPY is keeping above 76.00 level and not giving much to the traders to aim for.

Looking at the moving average in the weekly charts, the market is still below all the moving averages but is gradually closing towards it and this seems to indicate that USD/JPY is close to an extended dip. Looking at the moving averages in daily charts, all lines seems to have merge around 77.00 level and this level seems to hold the key at the moment and it looks that it is the level traders should look to enter with the long term trend and if market breaks above that level, then we should see the reversal of trend.

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