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Technical Analysis: USD/JPY 2012.04.12

April 12, 2012 10:53

  The pair is consolidating by the 50-Day SMA at 80.80. A daily close below this level would extend declines towards the 100-Day SMA by 79.15 or the 200-Day SMA by 78.20. However, should the pair hold above the 50-Day SMA, we could see a bullish resumption towards 84.00, with a break and consolidation above to allow testing the 85.50 resistance.    

Edward Smith, technical analyst of company Admiral Markets.

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