Very boring day it was yesterday. The market was ranging throughout looking for some direction. The crosses were caught between very strong support and resistances and they could not move out of it. So when it becomes ranging, the market becomes boring. But as some experts say, making money is a very boring business.Lets see whether the market breaks out of the range today.Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 121.5. If that is broken, next support is at 121.10 which is a very strong support and the final major support is at 120.70. On the topside, the resistance is at 121.88 and then at 122.10.
EURJPY - Important support at 162.50. If that is broken, next support is at 162.25 and the final major support is at 161.80. On the topside, the resistance is at 162.90 and then at 163.30.
GBPJPY - Important support at 239.10. If that is broken, next support is at 238.85 and the final major support is at 238.42. On the topside, the resistance is at 240.10 and then a major resistance at 240.65.
Lets hope for a good day for the longs today..
Happy Trading !!!
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1 comment:
I look forward to your blogs and enjoy reading what you have to say about the markets. I would like to point out that ranging is not boring to all.
You wrote, "when it becomes ranging, the market becomes boring".
We scalpers live for exactly this sort of thing and find it exciting... 5 pips here, 10 pips there, and an occasional run.
It doesn't sound like much, but it allows one to get in and out repeatedly and potentially make a lot of money quickly.
I find swing/position trading boring and the longer periods too painful to endure... must be the A.D.D. thing.
Just another perspective.
Looking forward to your next blog.
Tony
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