Supports and Resistances for July 26, 2007

Hi all,

So another day and as predicted the USD continues to consolidate and gain in strength a bit while the other majors begin to lose out. GU looks very weak and as i keep repeating it every day for the past 3-4 days, i feel that the downtrend has started in it. Lets see how far it goes. As for the crosses, as the UJ gains strength, this will in turn try and push the crosses up. The fall in EU and GU will drag down the crosses but the rise in UJ will try to push the crosses up and in effect, there should be a slight rise in the crosses overall. But we need to be careful as we have seen in the last few days that the minute that we think that a support is going to hold and the rise is going to begin, the support is broken and the fall continues. So be careful and react and follow what the market does.Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 120.30. If that is broken, next support is at 119.95 which is a very strong support and the final major support is at 119.75. On the topside, the resistance is at 121.09 and then at 121.50.

EURJPY - Important support at 164.83. If that is broken, next support is at 164.40 and the final major support is at 165.80. On the topside, the resistance is at 165.61 and then at 166.39.

GBPJPY - Important support at 247.25. If that is broken, next support is at 246.80 and the final major support is at 246.50. On the topside, the resistance is at 248.02 and then a major resistance at 248.42.

Happy Trading!!!