Supports and Resistances for July 18, 2007

Hi all,

As updated yesterday, there has been nice breakouts in the crosses. As of this writing, the crosses have had some rectracement. the main reason being that some news has got released with details about the Bank of Japan meeting. The news does not continue any new details nor does it contain any details that should cause any fundamental change to the current situation. So for now, we can safely assume that the crosses are just having a retracement and they should be back any time. I still favor the longs on the crosses. 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 168.24. If that is broken, next support is at 167.90 and the final major support is at 167.55. On the topside, the resistance is at 168.62 and then at 168.82.

GBPJPY - Important support at 249.52. If that is broken, next support is at 249.01 and the final major support is at 248.51. On the topside, the resistance is at 250.00 and then a major resistance at 250.49.

Happy Trading !!!