Technical Analysis: USD/JPY 2012.05.16
May 16, 2012 11:03
The pair is trying to continue recovering towards the 50-Day SMA by 81.50, with a break and consolidation above to confirm the uptrend towards the 84.00 level or higher ahead of the 85.50 resistance. The nearest support is still by the 100-Day SMA at 79.80. Breaking below this level would extend declines towards the 200-Day SMA by 78.40.
Edward Smith, technical analyst of company Admiral Markets.
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