Hmmm....Another new days and another new week. Lets see what the pairs do. Since today is Monday, traders would be returning back after their weekends and so they would be trading with extra vigor which could make the markets a little more volatile than usual. Lets see what they do. Personally, I feel that the crosses are in an overbought situation and so they might undergo some small correction.Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 123.33. If that is broken, next support is at 123.06 which is a very strong support and the final major support is at 122.65. On the topside, the resistance is at 123.65 and then at 123.80.
EURJPY - Important support at 164.80. If that is broken, next support is at 164.05 and the final major support is at 163.45. On the topside, the resistance is at 165.40 and then at 165.85.
GBPJPY - Important support at 243.70. If that is broken, next support is at 243.15 and the final major support is at 242.35. On the topside, the resistance is at 244.35 and then a major resistance at 245.00.
Happy Trading !!!
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