Supports and Resistances for August 1, 2007

Hi all,

Well a confusing day in total with the crosses trying to go up but being repeatedly pulled down by Uj which looks really weak. Finally, towards the end of the day, the bears started to win and now they are on top. This has ensured that the downtrend continues for some more days. Yesterday, there was a brief respite which gave the impression that there might be a change of trend but so far it looks like the up time yesterday was just a retracement and now the shorts are in favor again. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 118.35. If that is broken, next support is at 118.00 which is a very strong support and the final major support is at 117.62. On the topside, the resistance is at 118.75 and then at 119.22.

EURJPY - Important support at 161.76. If that is broken, next support is at 161.33 and the final major support is at 160.85. On the topside, the resistance is at 162.50 and then at 163.26.

GBPJPY - Important support at 240.55. If that is broken, next support is at 240.09 and the final major support is at 239.45. On the topside, the resistance is at 241.15 and then a major resistance at 242.20.

Happy Trading!!!