Technical Analysis: USD/JPY 2012.04.13
April 13, 2012 12:05
The pair is still consolidating by the 50-Day SMA by 89.00. A daily close below this level would extend declines towards the 100-Day SMA by 79.20 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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