|GBP/USD Intraday Technical Analysis|
|USD/JPY Intraday Technical Levels for June 29, 2012|
The spot rate is currently testing the upper limit of its medium term bearish channel at 1.2630 and seems to initiate a decline. However, a break through these levels will release good potential and initiate a violent bullish trend.
Technical indicators provide buy-signals but approching overbuy zone supporting the assumption of a decline. Bollinger bands are much discarded as a result of a strong increase these days. Stabilization is expected in a short term.
According to previous events the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 1.2630 with the 1st objective at 1.2690 and then at 1.2710. A break through 1.2610 will invalidate this scenario.
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Analytical expert: Albert Fitoussi
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