Supports and Resistances for August 15, 2007

Hi all,
So, as indicated, all the pairs seem to be going on the downside with the risk aversion trend dominating everything else. As indicated a couple of weeks back, the effect of the weak dollar has started reflecting on the various economies as a result of which the economic news from the countries, esp countries like GB, has been shown to be weak This has led to correction in the value of the various currency pairs though they were at historic levels just a couple of weeks ago. More news is slated for today both from GB and US and this should be very interesting. Still, there does not seem to be any respite for the carry trades and i guess today should be a down day as well. Below are the supports and resistances for the JPY crosses for today:-

USDJPY - Important support at 117.22. If that is broken, next support is at 117.01 which is a very strong support and the final major support is at 116.80. On the topside, the resistance is at 117.52 and then at 117.87.

EURJPY - Important support at 158.54. If that is broken, next support is at 157.82 and the final major support is at 157.45. On the topside, the resistance is at 169.02 and then at 159.38.

GBPJPY - Important support at 233.68. If that is broken, next support is at 233.02 and the final major support is at 232.42.On the topside, the resistance is at 234.53 and then a major resistance at 235.84.

Happy Trading!!!