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Tuesday, June 2, 2009

Will the uptrend continue? GBPJPY

GBPJPY saw a stellar day yesterday with a 500+ pip move up. 158 has been a bit of a speed bump, and with the GBP losing some ground to the USD and the JPY doing the same, it is causing a bit of a stalemate for the GBPJPY. 158.50 will show some resistance on a move up, while 157.40 will show some support on a move down, with room to fall. After a large move like yesterday's, a sizable retracement wouldn't be a surprise. If you're long in this pair, just keep an eye on 157.40 and the Daily Pivot of 157.13 for support.

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