Supports and Resistances for July 23, 2007

Hi all,

The crosses are swinging wildly as of this writing but they still seem to be holding on to their supports for dear life and they show good bounces from their support. Lets see how long they do so. There is not much news to be released today and so the market would have to decide its own course rather than depend on the news to drive it.Lets see how the market pans out. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 120.88. If that is broken, next support is at 120.70 which is a very strong support and the final major support is at 120.45. On the topside, the resistance is at 121.50 and then at 121.88.

EURJPY - Important support at 167.18. If that is broken, next support is at 166.78 and the final major support is at 166.40. On the topside, the resistance is at 167.90 and then at 168.35.

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!!!