Technical Analysis: USD/JPY 2012.03.27
March 27, 2012 10:48
The pair is consolidating below 83.00, so we look for additional declines towards the 79.75-80.00 support area, right where the 50-Day SMA resides, or lower ahead of the 78.10-78.50 support area, right where both the 100-Day SMA and the 200-Day SMA reside. Any recovery is expected to be capped ahead of 84.00. However, a break and consolidation above 84.00 would allow testing the 85.50 resistance.
Edward Smith, technical analyst of company Admiral Markets.
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