Supports and Resistances for August 07, 2007

Hi all,

The crosses made a good comeback yesterday but still they dont seem to have broken out of the range. I still feel that the shorts would be favored and that the rise which we had seen yesterday was just a retracement rather than a change of trend.Some important news are to be released both from USD and GBP during the course of the week which should make the trading of the crosses quite interesting. But as you can see, it still continues with the range trading with no sight of any breakouts. Yesterday, we saw both the high and low of the range being visited and today we might see some more of the same as well. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 118.36. If that is broken, next support is at 117.95 which is a very strong support and the final major support is at 117.60. On the topside, the resistance is at 118.75 and then at 119.10.

EURJPY - Important support at 163.35. If that is broken, next support is at 162.55 and the final major support is at 161.86. On the topside, the resistance is at 164.10 and then at 164.50.

GBPJPY - Important support at 240.65. If that is broken, next support is at 239.70 and the final major support is at 238.95. On the topside, the resistance is at 241.85 and then a major resistance at 242.30.

Happy Trading!!!