Technical Analysis: USD/JPY 2012.03.01
The pair found some support by 80.00 and surged back above 81.00. However, daily studies are still overbought, and additional gains will likely be capped ahead of 82.00. Now we look for a bearish resumption from 82.00 towards the 80.00 support, with a break below to extend declines towards the 77.60-78.00 support area, right where the 50-Day SMA, the 100-Day SMA and the 200-Day SMA reside. Only a clear break above 82.00 would open the door for an upside rally towards the 85.50 resistance.
Edward Smith, technical analyst of company Admiral Markets.
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