Supports and Resistances for July 11, 2007

Hi all,

Well, there seems to have been a fundamental shift in the currency market which seems to have hugely weakened the USD. This caused the USD to weaken against all the currencies (including the JPY) and this effect was felt in the UJ which percolated down to the EJ and GJ as well. All good supports were broken for these crosses and now the market is waiting for the next push. Which direction the push would be in will depend on how the London market opens. We just have to wait and see. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 121.09. If that is broken, next support is at 120.30 which is a very strong support and the final major support is at 119.50. On the topside, the resistance is at 121.88 and then at 122.66.

EURJPY - Important support at 166.80. If that is broken, next support is at 166.40 and the final major support is at 165.80. On the topside, the resistance is at 167.50 and then at 168.00.

GBPJPY - Important support at 245.80. If that is broken, next support is at 245.30 and the final major support is at 244.70. On the topside, the resistance is at 246.88 and then a major resistance at 248.00.

Happy Trading !!!