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Thursday, 2 August 2012

2012.08.02 07:28:30 GBP/JPY intraday: capped by a negative trend line.

GBP/JPY intraday: capped by a negative trend line.

Update on supports and resistances.
Pivot: 122.65

Our preference: Short positions below 122.65 with targets @ 121.7 &
121.15 in extension.

Alternative scenario: Above 122.65 look for further upside with 123 &
123.7 as targets.

Comment: as long as the resistance at 122.65 is not surpassed, the
risk of the break below 121.7 remains high.

Key levels
123.7
123
122.65
121.95 last
121.7
121.15
121

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