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    GBP/JPY Technical Levels and Trading Recommendations for June 25, 2012

    The pair extended gains for the third day as well managed to close above all daily moving averages and 20Wsma. The pair gave a break on the higher side of the symmetric pattern.

    The pair regains the lost daily moving averages and closed above those levels. All these factors support bulls. In the hourly and daily time intervals, the pair has been hitting higher lows. Today, ahead of the US employment data, USD is trading lower against CAD at the Asian session. The intraday resistance is seen at 1.2600, 1.2640, and 1.2670. Intraday support is found at 1.2560 and 1.2500.The trend favours buying with sl 1.2300 now shifted to 1.2400. Support is found at 1.2300 and 1.2200. Earlier, we forecasted that bulls would aim for 1.2600 until the pair held 1.2300, which was completed. After a mild correction, bulls headed even higher towards 1.2660 and 1.2740.

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