Hi all,
Well, the crosses seem to have got a second wind and now they have started moving up again. But there are rumors that China might announce a rate hike which might lead to some correction in the crosses. So we need to better watch out for that. EJ is moving towards the double top of 166.00 - 166.20....So it should be interesting to see what happens to that.Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 123.82. If that is broken, next support is at 123.64 which is a very strong support and the final major support is at 123.44. On the topside, the resistance is at 123.93 and then at 124.05.
EURJPY - Important support at 165.65. If that is broken, next support is at 165.30 and the final major support is at 165.10. On the topside, the resistance is at 166.02 and then at 166.42.
GBPJPY - Important support at 246.25. If that is broken, next support is at 245.85 and the final major support is at 245.40. On the topside, the resistance is at 246.85 and then a major resistance at 247.20.
Happy Trading !!!
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3 comments:
Karthik,
Would it be possible to contact you over email? Please send email to my user name @ gmail I wanted to ask you about the ramifications for an Indian resident trading forex.
Thanks in Advance.
Hello Karthik,
I'm following your s/r figures everyday here.
But I've got a general question for calculations of pivots/s+r figures.
There are a few different concepts around for it. Perhaps you know http://www.mataf.net/en or more precise:
http://www.mataf.net/en/analysis-pivot.htm -->
they calculate everyday for many pairs different pivots, ie
* Forex pivot points
* DeMark's pivot points
* Woodie's pivot points
The formula + results are different, of course , according to their authors/creators.
What would you suggest since your levels are often quite different.
My (personal) experience is that very often s+r levels (not talking when important figures like NFP are coming out) are not really respected by the market (the market is always right).
The concept looks very easy and (almost too) simple but to follow it quite difficult.
R,
As said in my post today, S and R are not something which can be blindly followed. You need to understand the market situation and the sentiment before you enter into the trade. That is why people find it difficult cos unless u develop a feel of what the market is going to do, it would be difficult to implement it.
Thanks.
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