Supports and Resistances for July 31, 2007

Hi all,
So the crosses have made a very strong comeback with the GJ having made up 200 pips in the space of a few hours. With that, i feel that the trend has changed and it should be good for longs in the crosses today. As i had said previously, except for the drop in the stocks and a sudden dip in the risk appetite, there was not much change fundamentally in any of the crosses and i guess it was just a case of good fast correction. This correction was needed and long overdue. This correction showed the importance of identifying trend changes and also the importance of having good stop losses. With this ability, you could make 1000 pips upwards and 1000 pips downwards and could then afford to lose 200 pips when the trend changes. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 118.75. If that is broken, next support is at 118.35 which is a very strong support and the final major support is at 118.00. On the topside, the resistance is at 119.22 and then at 119.53.

EURJPY - Important support at 162.45. If that is broken, next support is at 161.38 and the final major support is at 160.85. On the topside, the resistance is at 163.40 and then at 164.05.

GBPJPY - Important support at 241.50. If that is broken, next support is at 240.55 and the final major support is at 239.10. On the topside, the resistance is at 242.20 and then a major resistance at 243.55.

Happy Trading!!!