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Technical Analysis: USD/JPY 2012.03.12

March 12, 2012 10:48

  The pair broke above the 82.00 level, thus confirming the upside rally towards the 85.50 resistance. However, a break back below 82.00 could trigger a setback towards the 80.00 support, with a break below to extend declines ahead of the 78.00-78.35 support area, right where the 50-Day SMA, the 100-Day SMA and the 200-Day SMA reside.    

Edward Smith, technical analyst of company Admiral Markets.

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