Supports and Resistances for July 12, 2007

Hi all,

As specified in my previous post, the crosses have come back with strength and we just need to wait a few more hours for the rate announcement and statements from Japan which will give us the next sense of direction for the longs. I feel that even after announcements and the statements, the situation would be good for the longs and we would see further rise in the crosses. This is based on pure gut feel for the market rather than anything else. We just have to wait and see. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 121.88. If that is broken, next support is at 121.40 which is a very strong support and the final major support is at 121.10. On the topside, the resistance is at 122.66 and then at 123.40.

EURJPY - Important support at 167.97. If that is broken, next support is at 167.20 and the final major support is at 166.45. On the topside, the resistance is at 168.45 and then at 168.80.

GBPJPY - Important support at 248.45. If that is broken, next support is at 247.55 and the final major support is at 247.08. On the topside, the resistance is at 249.03 and then a major resistance at 249.70.

Happy Trading !!!