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Technical Analysis: USD/JPY

The pair reached the 83.00 resistance, where both 50-Day and 100-Day SMA reside. Should it break and hold above this level...

The pair reached the 83.00 resistance, where both 50-Day and 100-Day SMA reside. Should it break and hold above this level, the upside trend will likely continue towards the 84.50 resistance. Otherwise we could see a draw back to the 81.80 support, with a break below to expose additional declines towards the next support by 80.90.

Edward Smith, technical analyst of company Admiral Markets.

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