Technical Analysis: USD/JPY 2012.03.15
March 15, 2012 09:37
The pair continues the upside rally towards the 85.50 resistance. However, daily studies are overbought, suggesting that a bearish reversal could take place from current levels, with a break back below 82.00 to open a new downside extension towards the 80.00 support or lower ahead of the 78.00-78.70 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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