Supports and Resistances for July 19, 2007

Hi all,

There was some nice range trading in the crosses yesterday and it all depends on the news that is to be released today. If the news from GB and USD is as expected, then we can expect some more range tradingfor the day. The FOMC meeting minutes are to be released today and i feel that it might cause some shift and maybe bring in some strength to the USD. We will have to wait and see. Till that time, we should be seeing some good range trading as there has been no fundamental change to any of the crosses so far. As usual though, 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 168.20. 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 168.36 and then at 168.82.

GBPJPY - Important support at 250.00. If that is broken, next support is at 249.54 and the final major support is at 249.01. On the topside, the resistance is at 250.48 and then a major resistance at 251.00.

Happy Trading !!!