Analysis of the Supports and Resistances for June 4, 2007

Hi,
With the day slowly drawing to a close (though still a few hours are left, there is usually little action after this time provided something major happens), lets analyse how the supports and the resistances behaved today.

USDJPY - Not too much volatility today and everything stuck to the technicals as it was supposed to. On the top side, as predicted below, 122.08 proved to be a tough nut to crack and the max that it reached was 122.12 which would have been a good place to short. On the supports below, 121.85 held for most of the day and it was only during the NY session that it was broken. After it was broken , the next support of 122.50 held very well which would have been a good place to go long. So, all in all a good day for the supports and resistances and if watched carefully, we could have got atleast 2-3 calls on these correct and could have made 40-50 pips...

EURJPY - Did not come very close to the support of 163.70 which held up very well. On the topside, as predicted below, 164.10 and 164.30 proved to be very tough resistances and though it touched 164.30 2-3 times today, it pulled back. So it would have been nice to go short at these points today and could have made 40-50 pips again on this today. So a good day as far as resistances are concerned. Could have imrpoved a bit on predicting the support though.

GBPJPY - Came very close to the support of 241.60 as predicted below which stood up well. Hit the upper resistance of 242.50 2-3 times today before finally breaking it. Next resistance is at around 242.80. So good day for supports and resistances and could have made 70-80 pips with the correct playing of supports and resistances.

Tomorrow, the Chinese market could go up as today there was a huge fall and so it is usually followed by a 'UP' day as users start feeling that they market has gone down enough to buy. So it should be a good day for JPY crosses. Lets see...