Technical Analysis: USD/JPY 2012.05.01
The pair dropped below 80.00 and almost reached the 100-Day SMA by 79.50. Breaking below the 100-Day SMA would extend declines towards the 200-Day SMA by 78.30. Should the pair hold above the 100-Day SMA, we could see a rebound back towards the 50-Day SMA by 81.70. However, only a break and consolidation above the 50-Day SMA would confirm the uptrend towards the 84.00 level or higher ahead of the 85.50 resistance.
Edward Smith, technical analyst of company Admiral Markets.
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