Support and Resistance on July 24, 2007

Hi all,

The crosses continue to swing wildly today as well but they are giving me more and more concern with each passing day. The crosses are like beasts and they are known to rise and fall like beasts. But usually, when they fall on a day, they recover quick and fast the next day itself and they continue on their upward journey. But they fell on Friday, receovered very slowly and only 50% of it yesterday and they fell again which is something that i have not seen in the crosses for quite sometime. The recovery has been slow and painful and they fall has been quite swift. Once again, the trigger has been the UJ and the USD looks very weak. I look around and dont find any data to push the crosses back to where they should be. So it does concern me a lot. Lets see how the markets react though.Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 120.70. If that is broken, next support is at 120.45 which is a very strong support and the final major support is at 120.10. On the topside, the resistance is at 121.09 and then at 121.50.

EURJPY - Important support at 166.78. If that is broken, next support is at 166.40 and the final major support is at 166.40. On the topside, the resistance is at 167.90 and then at 165.60.

GBPJPY - Important support at 248.73. If that is broken, next support is at 248.54 and the final major support is at 248.01. On the topside, the resistance is at 249.02 and then a major resistance at 249.68.

Happy Trading!!!