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Technical analysis of GBP/JPY for June 16, 2015

The cross rebounded after a sharp fall extending gains for the third consecutive day. We covered this cross last Friday. As of now, the cross hit a high of 192.60 metting our forecast. The cross has been moving higher for 10 straight weeks. The monthly resistance is seen at a high of 197.50 hit on September 2008 and 199.70 61.8 Fib level.

Ahead of today's UK CPI data, the pound muted at the Asian session. We expect a 0.1% uptick from negative readings. The trend favours buying on dips. Intraday resistance is seen at 192.75 and 193.00. Strong bullish momentum is available above 193.10 with an immediate target at 193.60 and at 194.40later. Intraday support is found at 192.20 and 191.90. Intraday bulls' last hope remains at 191.00. We recommend selling only below 191.00 with a target at 190.30 and 190.10. In case of a daily close below 190.00, a fall is likely to extend towards 189.00 and 188.50.

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