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Below are the supports and resistances for the JPY crosses for today:-
USDJPY - Important support at 120.90. If that is broken, next support is at 120.70 which is a very strong support and the final major support is at 120.50. On the topside, the resistance is at 121.48 and then at 121.70 and final major resistance at 122.10.
EURJPY - Important support at 163.20. If that is broken, next support is at 163.05 and the final major support is at 162.80. On the topside, the resistance is at 163.70 and then at 164.10.
GBPJPY - Important support at 240.70. If that is broken, next support is at 240.23 and the final major support is at 239.82. On the topside, the resistance is at 241.40 and then a major resistance at 242.05.
Today is going to be a D day for the crosses as it will show whether this correction is going to continue for a much longer time or the crosses are going to bounce back today. Dont expect anything to happen cos in the markets, always expect only the unexpected. So watch what is happening and act acordingly.
Also, today is the BOE rate decision and that should prove to be very interesting as well. The Chinese stock exchange is up as of this writing. So it should be an interesting day..
Happy Trading !!!
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