Supports and Resistances for August 06, 2007

Hi all,
The crosses seem to be quite weak today and the overall trend seems to be down. But it remains to be seen whether the ranges are broken atleast today. For the last 2 weeks, we have seen the some supports have been very strong and have not been broken yet and so it would be interesting to see whether they are broken today. If they are, then we would be seeing another fresh bout of selling on all the crosses. Lets see. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 117.55. If that is broken, next support is at 117.20 which is a very strong support and the final major support is at 116.50. On the topside, the resistance is at 117.92 and then at 118.55.

EURJPY - Important support at 162.15. If that is broken, next support is at 161.63 and the final major support is at 160.94. On the topside, the resistance is at 162.50 and then at 163.00.

GBPJPY - Important support at 240.07. If that is broken, next support is at 239.10 and the final major support is at 238.30. On the topside, the resistance is at 240.65 and then a major resistance at 241.50.

Happy Trading!!!