Supports and Resistances for August 08, 2007

Hi all,

Yesterday was a topsy turvy day with the crosses running up and down. The news from USA got released and so far it looks a bit good for the USD though not entirely so. It should be an interesting day today and we need to watch out for how the markets react to the rate statement yesterday. I personally believe that today would be a good day for longs though i guess many of the traders would be bearish. My indicators show that the time has come for longs though the signals are not confirmed yet. The inflation report is also due out from GB today and that should also put in an interesting euro session today. 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 118.55 which is a very strong support and the final major support is at 118.10. On the topside, the resistance is at 118.94 and then at 119.15.

EURJPY - Important support at 163.25. 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 240.13. If that is broken, next support is at 239.85 and the final major support is at 238.95. On the topside, the resistance is at 240.65 and then a major resistance at 241.25.

Happy Trading!!!