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Technical Analysis: USD/JPY

The pair broke the 82.50-82.70 support area, right where both the 50-Day SMA and the 100-Day SMA reside. Consolidating below would extend declines towards...

The pair broke the 82.50-82.70 support area, right where both the 50-Day SMA and the 100-Day SMA reside. Consolidating below would extend declines towards the 80.00 level. Otherwise, we could see a resumption of the uptrend, with a break and hold above 84.00 to extend gains towards the 85.50-86.00 resistance area.

Edward Smith, technical analyst of company Admiral Markets.

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