Supports and Resistances for July 30, 2007

Hi all,

As of this writing, the market is still ranging between the support and resistance with no clear sign of direction yet. I suppose the direction will emerge as the european open nears. There has not been any fundamental change in the markets over the past 2 days and so i expect the downward trend to continue. But keep your stop losses ready as these crosses are beasts and can do anything anytime. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 118.34. If that is broken, next support is at 117.90 which is a very strong support and the final major support is at 117.45. On the topside, the resistance is at 118.75 and then at 119.51.

EURJPY - Important support at 161.02. If that is broken, next support is at 160.35 and the final major support is at 159.65. On the topside, the resistance is at 161.68 and then at 162.38.

GBPJPY - Important support at 239.02. If that is broken, next support is at 238.10 and the final major support is at 237.20. On the topside, the resistance is at 239.97 and then a major resistance at 240.63.

Happy Trading!!!