Supports and Resistances for August 14, 2007

Hi all,

The market still looks as if it is highly unstable. The volatility is huge with the crosses suffering the brunt of it. But things now seem to be looking good for the downside. Some of the major supports have been broken. These supports have not been smashed by the prices but rather have been slowly, steadily and systematically taken down and i feel that those supports should now act as resistances. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 117.80. If that is broken, next support is at 117.55 which is a very strong support and the final major support is at 117.25. On the topside, the resistance is at 118.12 and then at 118.45.

EURJPY - Important support at 160.20. If that is broken, next support is at 159.80 and the final major support is at 159.35. On the topside, the resistance is at 1602.58 and then at 161.00.

GBPJPY - Important support at 236.70. If that is broken, next support is at 235.60 and the final major support is at 234.86.On the topside, the resistance is at 237.53 and then a major resistance at 237.94.

Happy Trading!!!