Technical Analysis: USD/JPY 2012.03.05

  The uptrend was capped ahead of 82.00, so we look for a bearish reversal and a setback towards the 80.00 support, with a break below to extend declines towards the 77.70-78.00 support area, right where the 50-Day SMA, the 100-Day SMA and the 200-Day SMA reside. Only a clear break above 82.00 would open the door for an upside rally towards the 85.50 resistance.    

Edward Smith, technical analyst of company Admiral Markets.

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